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Crypto exchange Gemini co-founder says no exposure to FTT, Alameda

Reuters
·1-min read
Winklevoss speaks at a New York State Department of Financial Services virtual currency hearing in the Manhattan borough of New York

(Reuters) - Gemini cofounder Cameron Winklevoss assured investors that the crypto exchange has no exposure to FTX, digital coin FTT and crypto trading platform Alameda, as a liquidity crunch at FTX sparks concerns of another crypto contagion.

FTX, which developed a penchant for bailing out troubled crypto firms, saw investors express concerns about its financial health that led its token FTT to shed another 50% on Wednesday after wiping out 72% a day earlier.

"For the avoidance of doubt, Gemini has no exposure to FTT tokens or Alameda and no material exposure to FTX," Winklevoss wrote in a tweet on Wednesday.

Gemini joins cryptocurrency exchange Coinbase Global Inc which also pacified investors on Tuesday.

(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Shailesh Kuber)