Billions in credit growth set new record

The third quarter of 2020 was one of the most successful ever for Genesis. In the related performance report, high growth was recorded in all business areas.

On October 30, 2020, Genesis released one Messageshowing that the company has a new credit record. With crypto loans issued worth 5.2 billion US dollars in the third quarter of 2020, the record amount of 2.2 billion US dollars was even more than doubled.

Since commencing business in March 2018, the company has borrowed a total of $ 13.6 billion. Genesis said that the company’s recent growth was due to increased issuance of cash and altcoin loans. Genesis’ outstanding loans totaled 1.4 billion euros in the second quarter of 2020. In the third quarter, they rose 50 percent to $ 2.1 billion.

Genesis was able to report 165 lenders as of September 30, 2020, documenting an increase of 47.3 percent compared to the previous quarter. The company said the total monthly interest paid in September was over 20 percent of the interest paid over the past twelve months. Genesis went on to say that the growth in bank deposits would benefit the company.

Bitcoin share has decreased

It was not Bitcoin that drove Genesis’ loan portfolio in the third quarter, but rather altcoins and the US dollar. Bitcoin outstanding loans fell to 40.8 percent. In the previous quarter it was significantly more at 51.2 percent. Ethereum, on the other hand, rose to 12.4 percent, the US dollar even to 34.5 percent. All other altcoins settled at just under 5 percent.

Trading in derivatives also saw considerable growth. On the spot market, Genesis was able to achieve a volume of 4.5 billion US dollars in the third quarter, which means an increase of 285 percent. According to Genesis, the reason for these numbers is the DeFi boom:

Our trading partners have started actively taking out ETH and stablecoins loans to use liquidity mining strategies.

explained the company. Even though trading via the OTC desk accounts for most of Genesis’ sales, electronic execution has continued to increase. In September, Genesis is said to have executed almost 30 percent of the trading volume with a new Prime Smart Order Routing Engine.