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.
