Genesis, a crypto asset spot and derivatives trading platform, has distributed a report on Q1 performance. According to Genesis, it was a record quarter in crypto derivatives trading in contrast to the lower crypto trading volumes and volatile market exacerbated by the war in Ukraine, inflation, rising interest rates and geopolitical turmoil.
During Q1, Genesis claims to be the #1 in market share for blocked BTC and ETH Deribit-cleared derivatives via Paradigm with over $6.6 billion transacted1.
The Genesis derivatives desk reportedly traded 61 different assets in the first quarter, with $4.7 billion notional traded in altcoin derivatives – Genesis’ highest quarterly total yet.
The Genesis spot desk traded over $11.4 billion in volume in Q1, alongside a trend of greater diversification of assets.
BTC comprised 48% of the traded volume, in line with last quarter, while ETH saw a drop from 33% to 23% of total traded volume in Q1.
The Genesis spot desk also saw an increase in activity across assets such as LUNA, SOL, AVAX, ZEC, LINK, ATOM and GALA.
As well, in Q1 the USD amount of active loans outstanding grew to $14.6 billion against declining prices, a level 17% higher than at the end of the previous quarter, and 62% higher than at the end of Q1 2021.
The Genesis lending desk originated over $44.3 billion in loans in Q1 with cumulative loan originations hitting $195 billion, as of March 31, 2021.
Genesis caters to high net worth individuals as well as institutional money.