Genesis Reports $746 in Crypto Lending/Borrowing Originations in Q2: Best Quarter Ever

Genesis, a digital asset trading and lending platform that is also a broker-dealer registered with FINRA, and a BitLicense holder with the New York State Department of Financial Services, reports that its services are booming.

According to a release from last week, Genesis’ Q2 performance was the best over as it topped $746 million in loans/borrowing – a 48% quarter over quarter increase.

Genesis states that total active loans increased to $454 million – a 149% increase over Q1.

In aggregate, Genesis has originated $2.3 billion since launching the lending business last year.

As one may expect, activity is dominated by the most popular crypto – Bitcoin, which garners 62% of all activity. But Genesis also points out that stablecoin borrowing increased by 100% in the quarter and now accounts for about 24% of active loan portfolios. Genesis says there is strong demand, especially among international investors, to borrow USD and other stablecoins.

As for lending, ETH loans accounted for 3.9% of the active loan portfolio, followed by LTC (3.7%) and XRP (2.5%).

Genesis focuses on trades for institutional investors and high net worth individuals looking to buy or sell large sums in digital currency.

Genesis is a wholly-owned subsidiary of Digital Currency Group. DCG is the parent company of Grayscale Investments, the largest asset manager in the digital currency industry, and CoinDesk, a media and events firm.

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JD Alois

JD Alois is the pen name of a frequent contributor to Crowdfund Insider. JD has a background in finance and media. Email: jd@crowdfundinsider.com

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