RATE Group | Bitcoin Lender Genesis Global Issues $2 Billion in Loans During Record Quarter
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Bitcoin Lender Genesis Global Issues $2 Billion in Loans During Record Quarter

30 Apr Bitcoin Lender Genesis Global Issues $2 Billion in Loans During Record Quarter

Posted at 21:52h in Bitcoin News by

Genesis Global Trading has reported a 100% jump in new loan originations in the first quarter. The cryptocurrency lender and trading platform added a record $2 billion in new loans in the three months leading to March 2020, up $1 billion from the previous quarter. BTC accounted for 44.8% of the loans and bitcoin cash (BCH) 5.8%.

In a recent update, Genesis said new loan issuances soared 354% from a year ago. Active loans outstanding briefly touched $1 billion around the middle of February, before falling to $649 million at the end of the quarter.

Quarter-on-quarter, active loans rose 19% from $545 million previously, it said. That’s despite a 50% intra-day drawdown in the price of BTC in mid-March. Altogether, the lender has originated $6.2 billion in loans and borrows since it started operations in 2018.

Genesis provides loans to corporate borrowers such as hedge funds and trading firms in the form of cryptocurrency or cash. Most of the funds that the lender provides as loans are…

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