Cryptocurrency Loans Company Genesis Processes $550 Million in First Six Months
Genesis Global Trading says it has seen an “incredibly strong reception” from institutional clients
Institutional cryptocurrency over-the-counter (OTC) broker Genesis Global Trading revealed its loans spin-off processed over half a billion dollars in its first six months in a new report Thursday, Oct. 18.
Genesis, which began its digital asset lending activities in March, revealed its current order book consists of $130 million in outstanding loans, a figure which has “steadily grown” since inception, it says.
Total cash flow reached $553 million for all supported assets.
“Over the past year, through client feedback and the rise of derivative marketplaces, we saw a meaningful increase in the number of market participants wanting to borrow and/or lend digital currencies,” the company summarized about its motivation to move into the loans market.
Trends over its first half of a year’s trading consist of a reduction in Ethereum (ETH) loans and the rise in popularity of loans in other altcoin assets in Q3, with Bitcoin (BTC) staying “consistent” throughout.