Genesis, once among largest, winds down remaining crypto trading operations
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Genesis was once one of the largest crypto traders before its crypto lender unit filed for bankruptcy in January.
PHOTO: REUTERS
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NEW YORK - Genesis will no longer offer cryptocurrency trading services through any of its business entities after halting spot and derivatives transactions through GGC International.
The affiliate of Barry Silbert’s Digital Currency Group (DCG) was once one of the largest derivatives trading desks before another of the digital asset conglomerate’s related companies, crypto lender Genesis Global Holdco, filed for bankruptcy in January.
“This decision was made voluntarily and for business reasons,” a Genesis spokesman said in an e-mailed statement on Thursday.
GGC International will stop offering derivatives trading immediately, while spot trading will cease from next Thursday, according to a memo viewed by Bloomberg News.
Since its founding in 2013, Genesis has handled US$116.5 billion (S$158.9 billion) in spot trading and was one of the top institutional derivatives desks by volume, according to its website.
The company’s report for the third quarter of 2022 noted that it had traded US$18.7 billion of derivatives.
Genesis announced earlier in September that it was winding down spot trading services provided by Genesis Global Trading.
At the time, the company said that spot and derivatives trading services through GGC International would remain operational.
GGC International is a British Virgin Islands company wholly owned by Genesis Bermuda Holdco.
DCG raised US$700 million in November 2021 from prominent investors such as Singapore’s GIC, SoftBank, Ribbit Capital and Alphabet’s CapitalG. BLOOMBERG
