Genesis Hires Ex-Galaxy Digital Staffer to Run New Derivatives Trading Desk

The derivatives desk will expand the company’s suite of products as it aims to attract more institutional clients to its newly acquired prime brokerage arm.

AccessTimeIconMay 28, 2020 at 1:00 p.m. UTC
Updated Sep 14, 2021 at 8:45 a.m. UTC

Digital currency giant Genesis Global Trading has launched a derivatives trading desk to be led by former Galaxy Digital staffer Joshua Lim.

The desk will provide liquidity across crypto derivatives markets and trade cleared and bilateral over-the-counter (OTC) options and forwards. Last week, the New York based-trading firm, which is a subsidiary of CoinDesk parent firm Digital Currency Group, announced it was entering into prime brokerage with its acquisition of crypto custodian Vo1t. 

The new derivatives desk will expand the company’s suite of products as it aims to attract more institutional clients to the newly branded Genesis Prime, said Genesis CEO Michael Moro.

Lim, a former employee of both Galaxy Digital and Circle, will lead the new derivatives trading desk. At payments startup Circle, Lim helped develop an OTC trading desk. At crypto merchant bank Galaxy Digital, he built customized products for institutional clients. According to a report last month by The Block, Lim departed Galaxy following a round of layoffs in February.

“We want to be present on Deribit and CME as a liquidity provider,” Lim said of his new remit. “For those traders that don’t have enough size on their order books, they can reach out to us and we can be present on the other side of the trade.”

Over the coming months, Genesis will seek to prove to the market that it can do derivative trading, Moro added. Later this year, Genesis will be introducing capital introduction for family offices seeking crypto hedge funds that have the strategies, fee structure and asset exposure to fit their investing needs.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.