Genesis Lends $425 Million of Crypto in Q1 – and Not Just to Short Sellers
Genesis Global Trading's cryptocurrency lending arm continues to grow, even as the number of short sellers dwindles.
“As of five minutes ago, everyone who needed to post collateral has,” Genesis CEO Michael Moro said Friday afternoon.
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.
Crypto lender Genesis Capital increased its loan book to $649 million during a tumultuous Q1 marked by wild fluctuations in the price of bitcoin.
For the first time this year, BTC-denominated loans now represent less than 60 percent of Genesis' portfolio.
Genesis Global Trading's lending business remains on a growth tear, especially its loans of dollars and stablecoins.