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.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.