Genesis Doubles Crypto Loan Issuance for the Third Quarter to $5.2 Billion
Crypto lender Genesis provided $5.2 billion in new loans in the third quarter of 2020, more than double its previous record of $2.2 billion in the preceding quarter. Issued to corporate borrowers such as hedge funds and trading firms, the loans are mainly denominated in bitcoin (BTC), ether (ETH), bitcoin cash (BCH), and cash. According to the U.S. company’s Q3 Digital Asset Report shared with news.Bitcoin.com on Oct. 30, Genesis grew its active loans outstanding 50% to $2.1 billion from $1.4 billion in the second quarter. Altogether, Genesis has processed a total of $13.6 billion....
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In a recent development, bankrupt crypto lender Genesis has settled with defunct crypto hedge fund Three Arrows Capital (3AC), ending a months-long legal battle. According to court documents, Genesis will pay $33 million to resolve the more than $1 billion in claims asserted by 3AC against the Genesis Debtors. Genesis Resolves Dispute With 3AC The […]
All and all, the second quarter is about both a technical downside correction and a further institutional boost.
Genesis Global Trading released its Q1 report on April 28, with corporates leading trading volumes, accounting for $8 billion in spot trading alone. Leading full-service cryptocurrency prime broker Genesis Global Trading has seen spot trading treble in the first quarter. Corporate interest accounted for the biggest slice of trading, with Genesis attributing part of its success to its Bitcoin treasury product “Genesis Treasury”. The Q1 report released on April 28 revealed the firm had processed $31.5 billion in spot trading volume — a 287% increase from $8 billion in Q4 2020. It also saw....
The average loan size for a first-time lender on the platform is $3.2 million, Genesis said.