Oriented to institutional investors, the lender Genesis Global Capital, a division of the brokerage company Genesis Global Trading from the business empire of Barry Silbert, in the second quarter, processed $ 746 million in cryptocurrency and fiat loans. This exceeded the first quarter by 48%.
Bitcoin continues to dominate in the portfolio of outstanding loans with a share of 62%, but it is worth adding that in the second quarter the share of steylcoins increased by 100% (24%). Thus, international investors are increasingly borrowing money in the US dollar or its associated stabcocoins, Genesis reported.
At the same time, Ethereum occupies 3.9% of the outstanding loan portfolio, followed by Litecoin (3.7%) and XRP (2.5%). The company itself takes the coins from large players at 4-5% per annum, and gives them a loan at 6.5-7.5%.
In the second quarter, the cost of active loans (outstanding) reached $ 454 million, which is 149% higher than the results of the first quarter.
Recall that in 2018, Genesis processed cryptocurrency loans for $ 1.1 billion, and in the first quarter of this year - for $ 425 million.
Thus, since its inception, the company has processed loans of almost $ 2.3 billion.
Genesis is regulated by the United States Securities and Exchange Commission (SEC) and FINRA. The latter, by the way, was recently accused of delaying the issuance of licenses by broker-dealers to companies involved in the cryptocurrency industry.
Investment company Grayscale Investments, which is also owned by Silbert, in the second quarter set a record for the value of assets under management - $ 2.7 billion.