NEW YORK--(BUSINESS WIRE)--Genesis, an industry pioneer and leader in digital currency trading and lending, today released its Digital Asset Lending Snapshot for the second quarter of 2019. Genesis posted its best quarter since launching the business in March 2018, originating more than $746 million in loans and borrows, a 48% quarter-over-quarter (QoQ) increase. Total active loans also increased to $454 million, a 149% QoQ uptick from the end of the first quarter. In total, Genesis has originated $2.3 billion since launching the lending business last year.
The Genesis loan portfolio continued to be dominated by Bitcoin, with 62% of the overall composition. However, USD and “stable coin” borrowing increased 100% for the quarter, and now accounts for nearly a quarter (24%) of the active loan portfolio. There is strong demand, especially among international investors, to borrow USD and stable coin, which are frictionless, borderless asset-backed coins purportedly pegged to the dollar.
ETH loans accounted for 3.9% of the active loan portfolio, followed by LTC (3.7%) and XRP (2.5%).
To read the entire Digital Asset Lending Snapshot, click here.
A broker-dealer registered with the SEC and FINRA, Genesis facilitates trades for institutional investors and high net worth individuals looking to buy or sell large sums in digital currency. Genesis provides liquidity to its trading partners, along with same-day settlement, 24/7 trading, and deep institutional expertise developed from trading billions of dollars in digital assets since entering the industry in 2013.
Genesis is a wholly-owned subsidiary of Digital Currency Group. In addition to Genesis, DCG is the parent company of Grayscale Investments, the largest asset manager in the digital currency industry, and CoinDesk, a leading media and events company, and is an investor in more than 140 companies around the world.
Genesis is a worldwide leader in over-the-counter digital currency trading and lending, providing deep pools of liquidity to institutional investors and high net worth individuals. A broker-dealer registered with the SEC and FINRA, and a BitLicense holder with the New York State Department of Financial Services, Genesis Global Trading is an industry pioneer and market maker that has facilitated billions of dollars in transactions since 2013.