Crypto broker Genesis told clients that it could take weeks, not days, for it to find a path forward for its troubled lending unit, which was hobbled by the implosion of Sam Bankman-Fried’s FTX. “These are extraordinary times in our industry, and, while we are working urgently, this is a comprehensive process that we expect will take some time,” Derar Islim, Genesis’s interim CEO wrote in a letter seen by Bloomberg News. “We anticipate that it will take additional weeks rather than days for...

Some of the NBA’s biggest stars are getting the ball rolling on a new blockchain venture. The Brooklyn Nets’ Spencer Dinwiddie and Garrett Temple, the Miami Heat’s Andre Iguodala, the Los Angeles Lakers’ JaVale McGee and the Orlando Magic’s Aaron Gordon are among the backers of a Dapper Labs blockchain project that looks to make the building of consumer products based on the technology easier. Dapper, the Vancouver-based firm behind the CryptoKitties phenomenon, said it raised $12 million in...

LISTEN TO ARTICLE 3:28 SHARE THIS ARTICLE Share Tweet Post Email Photographer: Chris Ratcliffe/Bloomberg Goldman Sachs Group Inc. just forged a lot of new enemies -- in the crypto world. Buzz that Goldman would release a report discussing the state of the economy as well as gold and cryptocurrencies set enthusiasts ablaze, with many hoping the bank would finally put its weight behind digital tokens. But Goldman disappointed and upset many once details of its report were brought to light, with...

U.S. stocks erased losses and closed mostly higher after President Donald Trump stopped short of implementing draconian economic restrictions against China even as he blasted the country for its actions on the pandemic and in Hong Kong. The S&P 500 ended May on an up note as it capped a second monthly advance. Equities turned higher after Trump announced retaliation against China by withdrawing from the World Health Organization. He said his administration will look into eliminating policies...

LISTEN TO ARTICLE 5:25 SHARE THIS ARTICLE Share Tweet Post Email Photographer: Brendon Thorne/Bloomberg If there was one thing money managers believed heading into Memorial Day, it was that owning America’s algorithmically powered tech superstars was the surest bet for navigating the crisis. A week later, the strategy is showing signs of wavering. It’s typical of 2020’s topsy-turvy market that the thing creating concern for these consumer-oriented behemoths is economic optimism. Belief that...