Genesis partners with Algorand to expand digital currency lending market
NEW YORK, Aug. 3, 2021 /PRNewswire/ -- Genesis Global Capital, LLC ("Genesis") today announced support for USD Coin (USDC) and ALGO on Algorand, one of the leading layer-1 blockchain protocols. Genesis will be able to seamlessly deploy its USDC and ALGO holdings across Algorand's decentralized finance (DeFi) ecosystem by offering borrowing, lending and use of these assets as collateral.
The network of DeFi applications and infrastructure providers built on Algorand's blockchain continues to grow rapidly, and this relationship is a significant step in expanding market access to traditional and digital asset investors.
"We're excited to support the Algorand team and blockchain," said Matt Ballensweig, Head of Institutional Lending at Genesis. "The growth and adoption of stable coins has played a big role in our business over the last year, and we see Algorand's technology as another tailwind to a fast-growing digital currency lending market. Genesis will support borrowing and lending in ALGO and USDC on Algorand, and will also accept both assets as collateral against other loans."
Algorand's unique pure-proof-of-stake (PPoS) protocol eliminates the cost and efficiency challenges currently faced by stablecoin traders and dapp developers on other networks, enabling users to transact using USDC at a much faster and more affordable rate than other blockchains. Used by more than 700 organizations around the world, Algorand is enabling the simple creation of leading-edge financial products, services and exchange of value.
"We are excited that the Algorand ecosystem continues to expand as we work with some of the best providers in the industry to accelerate access to decentralized financial products," said W. Sean Ford, COO of Algorand. "Genesis's offering, combined with Algorand's robust ecosystem and technological capabilities, will introduce new efficiencies to clients, and further strengthen the bridge between DeFi and traditional financial applications."
About Genesis
Genesis Global Capital, LLC is part of the Genesis group, a full-service digital currency prime brokerage providing a single point of access for select qualified individuals and global institutional investors. The firm offers sophisticated market participants a fully integrated platform to trade, borrow, lend and custody digital assets, creating new opportunities for yield while increasing capital efficiency for counterparties.
Genesis combines unrivaled operational excellence, a seamless user experience and best-in-class client service to provide the full suite of services global investors require to manage their digital asset portfolios.
For more information on Genesis, please visit https://genesistrading.com and follow @GenesisTrading on Twitter.
About Algorand
Algorand is building the technology to power the Future of Finance (FutureFi), the convergence of traditional and decentralized models into a unified system that is inclusive, frictionless, and secure. Founded by Turing Award-winning cryptographer Silvio Micali, Algorand developed a blockchain infrastructure that offers the interoperability and capacity to handle the volume of transactions needed for defi, financial institutions and governments to smoothly transition into FutureFi. The technology of choice for more than 700 global organizations, Algorand is enabling the simple creation of next generation financial products, protocols and exchange of value. For more information, visit www.algorand.com.
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