Genesis, a digital currency trading and lending platform, recently announced it has acquired Vo1t, an insured digital institutional custody service. Genesis reported that the acquisition will supplement its current services, which include global over-the-counter trading and institutional lending. The acquisition will also enable Genesis to launch its Prime Services, a one-stop-shop for trading, lending, and securing digital assets, later this year.
According to Genesis, Vo1t has served as a leading digital custody service provider since 2015. The custody service has a secure cold storage platform that supports most mainstream digital currencies and tokens, utilizes multiple layers of military-grade encryption along with comprehensive security insurance
Michael Moro, CEO of Genesis, stated that the acquisition of Vo1t is considered a giant strategic step forward in Genesis’ quest to become the world’s first full-service digital currency prime broker.
“The Vo1t team has renowned expertise across cybersecurity, collateral management, quality assurance, and governance. They’re a natural fit as Genesis develops a more robust and secure digital currency platform to increase access to deep pools of liquidity while increasing capital efficiency for our counterparties.”
Miles Parry, CEO and Co-founder of Vo1t, then added:
“The entire Vo1t team is excited to be joining Genesis. Combining our secure custody technology with Genesis’ market-leading trading and lending operations will create a powerful one-stop-shop for professional investors around the world. I look forward to the opportunities ahead as we continue to solve the market’s evolving needs.”
Genesis provides investors a convenient, robust, and secure marketplace to custody, trade, borrow, and lend digital currencies, creating new opportunities for yield while increasing capital efficiency for its counterparties. The platform also claims that since 2013, its team has traded more than $750 million in digital currency volume on behalf of high net worth individuals and institutions.