Genesis Global Trading Inc (Genesis), a large institutional marketplace maker for digital currencies, has started a lending business.
The newly formed subsidiary, Genesis Global Capital, will allow investors and businesses to borrow cryptocurrencies for terms ranging from two weeks to half a year for $100,000 or more. Loans will be issued in Bitcoin, Ethereum, Ethereum Classic, Ripple, Bitcoin Cash, and zcash tokens, among others.
Genesis Global Capital said in a press release: “We believe now is an excellent time to offer institution-focused lending services, as this will increase overall market liquidity, encourage new financial institutions to participate in bilateral markets, and increase The company’s working capital to expand its digital currency-centric business.â€
Investors can use its lending capabilities to hedge overall portfolio risk or take speculative short positions, the company said, but it also envisions other use cases for the service.
One use case, the company explained in the statement, is when a money transfer company needs to settle an immediate settlement with a customer, but doesn’t need to buy a lot of bitcoin, keeping the risk on its own account. "
Genesis Global Capital has already attracted prominent clients such as the parent company's existing client BlockTower Capital and cryptocurrency trading firm DV Chain.
Garrett SEE, CEO of DV Chain, told CNBC: “Across several cryptocurrencies, most of the transaction volume is in bitcoin, which creates a demand for the bitcoin lending market.â€
Genesis Global Trading Inc’s foray into crypto lending is the latest development in institutional services. The launch of Bitcoin futures trading and interest in Bitcoin ETFs has also grown in this market recently.
A siren is a loud noise-making device. Civil defense sirens are mounted in fixed locations and used to warn of natural disasters or attacks. Sirens are used on emergency service vehicles such as ambulances, police cars, and fire trucks. There are two general types: pneumatic and electronic.
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