Genesis Global Capital to Report on Q1 Values

Main customers of Genesis Global Capital, crypto lender firm, are the exchanges and OTC platforms, which prefer to keep users' funds in cold stores
26 April 2019   501

Genesis Global Capital, a division of the brokerage company Genesis Global Trading from the business empire of Barry Silbert, processed $425M in cryptocurrency loans in the first quarter of 2019. Since launch in March 2018, a total of $ 1.53 billion has passed through the firm.

Since the end of last year, active loan book of the company has grown by 17% to $ 181 million, but the average maturity is still six weeks long. The share of loans in Bitcoin was 68%, XRP - 6.7% and Ethereum - 3.6%.

At the same time, the share of shortsists among borrowers significantly decreased - up to 3-5% of the total number. Thus, the main customers of Genesis Global Capital are the exchanges and OTC platforms, which prefer to keep users' funds in cold stores, and to provide trades with borrowed coins.

The company itself takes the coins from large players at 4-5% per annum, and gives them a loan at 6.5-7.5%.

Meanwhile, the direction of fiat loans is still in development phase and it makes only 10% of the company's turnover. Such loans are secured by cryptocurrencies in the amount of 120% of the loan, and margin call occurs when the value of these assets falls below 105%.

It's worth noting in 2018, Genesis Global Capital processed $ 1.1 billion in cryptocurrency loans, with the most active being the last three months of the year, which accounted for more than $ 500 million.

Bittrex to Go For Maintenance After 1/3 Funds Moved

Users suspects hack, but exchange says "funds are safe"
05 December 2019   75

The Bittrex cryptocurrency exchange has announced scheduled maintenance today, December 5, from 22:00 to 23:00 (GMT). On the eve, a third of its assets were transferred to an unknown wallet.

During maintenance, users will not be able to log into the system or use the APIs. Trading will be suspended.

On December the 4th, populat Twitter account posted that "43,564 #BTC (313,074,134 USD) transferred from Bittrex to unknown wallet." Users suspected that the exchange was hacked, but the exchange . 

Closures for scheduled maintenance only heightened suspicion. However, the Bittrex team assures that "that claim is false."