Recent reports indicate that the Iceland-based bitcoin mining firm, Genesis Mining Iceland EHF, did not pay Digital Capital Ltd. for the development and maintenance of its banking and card processing software.
The lawsuit alleges that Genesis was experiencing financial issues and decidedly stopped processing the plaintiff’s invoices for a number of months. However, this seems to be far from the first hiccup that the two companies encountered along the way.
According to the reports Iceland’s Bitcoin mining giant Genesis Mining Iceland EHF didn’t pay the digital capital LTD for further maintenance and development of the banking card processing software. The lawsuit shows that Genesis was experiencing major financial issues and stopped processing the plaintiff’s invoices for a number of months but this seems to be far from the first problems that the companies encountered along the way.
Digital Capital’s lawsuit filed the lawsuit to the High Court about a week ago and states that Genesis’s failure to launch the project on time is not a responsibility to Digital Capital. Instead, Genesis itself supposedly failed to provide technical specifications that the company required in order to complete the project on time. The company claimed that it assisted Genesis with matters regarding regulatory compliance and Digital Capital eventually build the software for the mining giant to allow the customers to purchase goods on a debit card using various cryptocurrencies.