Genesis has loaned more than $1.5bn in cryptocurrency
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.
Payglobal users can now convert cryptocurrency to use on Visa
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.