After the long slip of a16z and Pantera, a loan fund, Genesis Trading, would be “severely depressed” due to market withdrawal.
realize with third quarter report of the company, the volume of loans to Genesis fell to $ 8.4 billion between July 1 and September 30. This figure is 79% lower than the $ 44.4 billion in the second quarter of 2022.
Genesis Trading is a wholly owned subsidiary of Digital Currency Group (DCG), the owner of the site CoinDesk news site and a leading cryptocurrency broker for institutional traders. Genesis has been an integral part since 2013 and launched the industry’s first OTC trading platform for Bitcoin.
Additionally, according to the report, Genesis also experienced a significant decline in trading volume, dropping 44% in value from $ 17.2 billion in the previous quarter to $ 9.6 billion.
The cryptocurrency industry has experienced a tumultuous couple of months due to the failures and collapse of several major services, known as the “liquidity crisis” of 2022. The cause of the collapse of Genesis should be noted. three capital arrowswhen the Genesis is a key creditor of 3AC with debt of up to $ 2.36 billion. The consequence immediately after the crisis is that Genesis Trading has 20% of the dismissed workers and several senior managers have announced their resignations.
Previously, as reported by Coinlive, other known cash investments had been similarly affected when The value of A16z Crypto Fund drops by 40% marvelous Pantera Capital records a 71% decline in 2022.
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