Genesis, a digital currency trading and lending platform, announced on Thursday it has launched a derivatives trading desk. The company reported that offering expands its suite of digital asset trading, institutional lending, custody, and prime services.
According to Genesis, the Genesis trading desk will be a principal liquidity provider across crypto derivative markets and will trade both cleared and bilateral OTC derivatives in options and forwards. While sharing more details about the desk, Michael Moro, CEO of Genesis, stated:
“Genesis is a one-stop-shop for sophisticated market participants and trading partners in the digital asset industry. With a strong balance sheet and a team of talented traders with years of experience across product sets, Genesis is uniquely well-positioned to build a scalable derivatives desk. We also have developed longstanding, trusted relationships with counterparties and exceptional connectivity across the digital asset ecosystem.”
Joshua Lim, Director and Head of Derivatives at Genesis, added:
“Genesis has been a digital asset trailblazer for years, and I’m thrilled to join the team as they scale the business. In many other asset classes, derivative volumes grow to exceed the underlying spot. We’re still in the early innings of crypto derivatives, and we believe demand for these products will increase significantly from where we are today. Genesis’ unique access to liquidity and lending markets, coupled with our trusted brand and well-established franchise, makes us an ideal derivatives trading partner for the industry.”
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.