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Genesis Global Trading, a crypto lending platform recently shared a snapshot of its lending activities for the period 2018-2019. According to the report, the firm has lent $ 1.53 billion since its launch in March 2018.
NewYork Times reported that billions of dollars indicate the growing demand for the emerging market for cryptocurrency loans. Nevertheless, Genesis Global Trading had lent the funds to institutional borrowers, including hedge funds and other financial companies. New York Times, reported that;
Institutional borrowers, such as hedge funds and other financial companies, have used cryptographic badets to reduce digital currencies, hedge investments or finance commercial operations.
Although reports reveal that the total loan amount for the year is $ 1.53 billion, the company estimates to have generated $ 425 million in loans in the first quarter of the year. Nevertheless, the company is currently processing 30,000 bitcoins for the loan. In addition, Genesis Trading announced a figure of $ 425 million for the first quarter, or 15% of the total by the end of 2018.
Also read: Nike secretly applies to the brand CRYPTOKICKS, Nike launching its own cryptocurrency?
Michael Moro, President and CEO of Genesis of Trade, spoke about the increasing rate of digital badet borrowing and the reduced number of platforms offering a similar service to Genesis. That said, there were very few platforms and we now expect more players of this type to come on the market and reduce lending rates.
"We are expecting more newcomers to the market and proportionally lower lending rates. But as this space is still new, I think that the strong growth will continue for a while ",
Although Bitcoin is not performing as it was at the end of 2017, the institutional borrower has jumped in 2018 and the first quarter of 2019. Genesis Trading is the largest cryptocurrency broker in the world. OTC would have reported $ 183 million of active loans – such as loans are denominated in Bitcoin (BTC), Ethereum (ETH), XRP, Bitcoin Cash (BCH), and so on.
The reports reveal that 68% of loans were denominated in BTC, 6.7% for XRP, 3.6% for ETH and LTC.
Crypto loans are another way to generate potential revenue, according to Moro. He says that;
This is an additional way to potentially improve yields,
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US Credit Company Crypto Genesis Discloses Loan Amount to Institutional Borrowers
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Genesis Global Trading, a crypto lending platform recently shared a snapshot of its lending activities for the period 2018-2019. According to the report, the firm has lent $ 1.53 billion since its launch in March 2018.
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