According to representatives of the New York over-the-counter trader Genesis Global Trading, despite the long bear market, the company "has grown significantly." This is reported by The Block.
The letter to customers states that in 2018, the volume of OTC transactions on Genesis increased by 50%. In addition, in less than a year, the volume of cryptocurrency loans issued to institutional clients amounted to $ 1 billion.
Genesis Global Trading is a SEC and FINRA registered broker and is part of the business empire of Barry Silbert and his Digital Currency Group. Last May, it received a BitLicense, which allows it to operate in New York State.
The company began issuing loans in Bitcoin, Ethereum, XRP, Bitcoin Cash and other currencies in March last year. Borrowers, which include hedge funds and other financial institutions, use these funds to play to lower the price of digital currencies, as well as to hedge investment positions.