NEW YORK, Jan. 30, 2019 /PRNewswire/ -- Genesis Global Trading, an industry pioneer and leader in digital currency trading and lending, today released its Digital Asset Lending Snapshot for the fourth quarter of 2018. Genesis saw significant growth in the fourth quarter with more than $500 million in originations. The strong quarterly performance more than doubled the activity for the prior six-month period since Genesis launched the business in March 2018. In total, Genesis originated $1.1 billion in loans and borrows in 2018.
The Genesis loan portfolio continues to be dominated by Bitcoin (BTC), with nearly 75% of the overall composition. BTC loans constituted 62% of the portfolio at the end of the third quarter of 2018. Lending in XRP declined from 18% to 9% quarter-over-quarter, and Ethereum (ETH) loans increased from 4% to 8% quarter-over-quarter.
"We are very pleased with the strong growth of the lending business and continue to believe that digital asset lending will play an important role in developing this ecosystem," said Michael Moro, CEO of Genesis. "We are committed to investing in this business and expanding globally in 2019."
"The ability to borrow and lend cryptocurrency is an essential step toward the maturation of the asset class," said Brian Kelly, Founder and CEO of BKCM LLC. "As a fund manager, Genesis is an essential part of my tool box."
To read the entire Digital Asset Lending Snapshot, click here.
In addition to the growth in digital currency loans, Genesis also launched fiat currency lending in Q4 in response to demand from lending counterparties. Long-term digital currency investors with appreciated assets can borrow cash against their crypto holdings.
A broker-dealer registered with the SEC and FINRA, Genesis facilitates trades for institutional investors and high net worth individuals looking to buy or sell large sums of digital currencies. Genesis provides liquidity to its trading partners, same-day settlement, 24/7 trading, and deep institutional expertise developed from trading billions of dollars in digital assets since entering the industry in 2013.
Genesis is a wholly-owned subsidiary of Digital Currency Group. In addition to Genesis, DCG is the parent company of Grayscale Investments, the largest asset manager in the digital currency industry, and CoinDesk, a leading media and events company, and is an investor in more than 125 companies around the world.
About Genesis Global Trading
Genesis Global Trading is a worldwide leader and established partner in over-the-counter digital currency trading, providing deep pools of liquidity to institutional investors and high net worth individuals. A broker-dealer registered with the SEC, FINRA, and the New York Department of Financial Services, Genesis is an industry pioneer and market maker that has facilitated billions of dollars in transactions since 2013. Genesis continued to trailblaze with the launch of Genesis Global Capital in March 2018 to provide institutional lending services for digital assets.
SOURCE Genesis Global Trading