Genesis’ Lending Surges Again in Q2 – and Not Just in Crypto
Genesis Global Trading's lending business remains on a growth tear, especially its loans of dollars and stablecoins.
Crypto lender Genesis Capital increased its loan book to $649 million during a tumultuous Q1 marked by wild fluctuations in the price of bitcoin.
“As of five minutes ago, everyone who needed to post collateral has,” Genesis CEO Michael Moro said Friday afternoon.
Genesis’ crypto lending arm came back strong in 2Q after a rocky 1Q. Separately, executives acknowledged the firm makes some uncollateralized loans.
A lukewarm U.S. economy is making big banks like JPMorgan Chase struggle to produce fast loan growth - even with interest rates close to historic lows. Yet, in the white-hot cryptocurrency industry, lenders are burgeoning.
For the first time this year, BTC-denominated loans now represent less than 60 percent of Genesis' portfolio.