DCG CEO had proposed merging Genesis and Gemini in 2022 to reduce risk

DCG filed a document with a judge this week showing that DCG President Barry Silbert suggested that his lending company Genesis launch a cryptocurrency exchange, Geminim, with Winklevoss in late 2022 during a lunch with Cameron Winklevoss, according to an email from Silbert: "I was intrigued by the idea of a closer partnership between Genesis/Gemini/DCG, including a potential merger of the companies. I made it clear to him that what we are "going for now" could result in a Genesis path to insolvency, which involves significant risk to Gemini's deposits (and Gemini's business). He was surprisingly good on this and realized that we needed to work together to mitigate this risk." In his first to the team, Silbert said the combined company would be "super exciting for investors" and "could raise $500 million to $1 billion and take the company public within 24 months." The merged company would generate a lot of goodwill and eliminate weaker competitors. It states, "More faith in the assets could make the IPO and post-IPO company more successful. Genesis has a chance to get out of its rut and become a leading player in its field."