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    ESP Blockchain Journal
    Home»Noticias»In the second quarter, Genesis processed cryptocurrency loans for $ 746 million

    In the second quarter, Genesis processed cryptocurrency loans for $ 746 million

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    By BlockchainJournal on julio 23, 2019 Noticias
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    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%.

    Genesis Posts Strongest-Ever Quarter with $ 746 Million in New Loan Originations https://t.co/7AM4BUszQi

    – Barry Silbert (@barrysilbert) July 23, 2019

    Note that 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.

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