Genesis has loaned more than $1.5bn in cryptocurrency

By Olivia Minnock
Global cryptocurrency dealer Genesis Global Trading has lent more than $1.5bn since its launch. On Thursday, the firm revealed that it had loaned digit...

Global cryptocurrency dealer Genesis Global Trading has lent more than $1.5bn since its launch.

On Thursday, the firm revealed that it had loaned digital assets with a total value of $1.53bn to institutional borrowers since launching its lending business in March 2018, according to Reuters.

Institutional borrowers include hedge funds and financial firms which are choosing to borrow digital tokens.

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Michael Moro, Genesis Trading CEO, stated according to Reuters: “We expect more new entrants into the market place, and lending rates to correspondingly decrease. But since this space is still so new, I think the strong level of growth will continue for some time.”

Genesis, a trading company focusing on digital currencies, was founded in 2015. The company aims to make it easier to buy and sell large blocks of digital currency.

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