Crypto Lender, Genesis, New Loans Issuance Hits $2B In Q1 For Its Largest Quarter Ever

2020-5-1 17:19

Renowned crypto lender Genesis Global Capital has revealed a healthy finish of the first quarter of this year.

In its latest quarterly lending report shared with Bitcoin Exchange Guide, the company revealed that it issued approximately $2 billion in new loans in the just concluded first quarter of this year. This was double the amount issued in Q4 2019 which was $1 billion.

According to the report, throughout Q1, the firm was able to enhance its active amount of active trading loans by about 19% rising to $649 million. However the firm suffered some considerable volatility. At the start of the year, the firm opened its loan book at $545 million which almost doubled to about $1 billion by February.

The firm was plunged into uncertainties in early March after the effects of Coronavirus started to spread to the world affecting the equities and the bond markets.

The crypto market experienced chaos in March as Bitcoin prices nosedived by more than 50% in 24 hours on March 12, commonly known as ‘black Thursday’. This was the worst Bitcoin plummeting in a single day for 7 years. Genesis was able to deal with the market shock by originating “a significant portion of the entire quarter’s loans during the month of March and never once paused lending activity.”

Following the events of ‘black Thursday’ the firm’s lending desk didn’t register any default from its more than 45 clients following the market sell-off. However, lending was temporarily halted to borrowers since it was hard to determine the right interest rate due to volatility.

According to Genesis CEO, Michael Moro the pausing of the lending activities was necessary to avoid the collapse of the firm. He explained:

“I just didn't want that risk on the Genesis balance sheet. After we felt like markets had calmed down, we reopened the dialogue and restarted the origination machine.”

Moro explained that although volatility is a normal aspect in the crypto market, this was just so much in a single day.

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