Crypto Loans from Genesis Reach $553 Million in Six Months
Genesis is an Over-the-Counter crypto trading company that reportedly has been issuing out loans in the form of altcoins with a total value that has reached $553 million. The loans were provided during the past six months to multiple hedge funds along with other investors via the company’s sister firm, Genesis Capital.
A Drop in ETH
The outstanding amount is currently at $130 million in active loans that began being issued in March. BTC was the company’s first choice originally as a medium for loans, as well as ETH and XMR as alternatives. But when the firm noticed that interest from investors decreased gradually with the fall in prices, a decision was then made to include XRP, LTC, and ETC as well.
The company stated how during the spring of this year, their most distinct originations to this time were loans in ETH that went to hedge funds. But as time went by, such funds started to cover positions because consolidating profits combined with a decreasing interest in ETH led to the use of different digital assets.
Genesis Capital’s impressive clientele are currently distributed all over the world and now exceed 60 institutional clients, who leverage the acquired capital to investments in hedge funds, and also to scale their own businesses via working capital.