In March, Genesis Capital, a US OTC trading company, began to offer cryptocurrency loans to professional traders. Today they reveal very interesting turnover numbers in their results for the third quarter of 2018.
Since the opening of the desk, Genesis has granted $550 million in loans, of which more than $130 million are still active, all from over 60 counterparties:
The figure shows significant growth compared to the previous year and all this despite the decline in the value of cryptocurrencies.
Professional counterparties are mainly hedge funds, trading companies or companies that use cryptocurrencies as part of their capital.
Worthy of note is also the evolution of assets, which represents the demand for cryptocurrencies by customers, as can be seen in the following illustration:
If in March the loans were essentially in BTC and ETH, with time, Ethereum’s numbers declined, both for the drop in the value of this cryptocurrency, more than 80% from the initial values, and for the granting of loans in other assets such as BCH and LTC.
As far as operators are concerned, there has been a progressive increase in the number of traders and users with capital and a decrease in the weight of hedge funds, a sign of progressive maturity.
In short: new operators and new opportunities, with the birth of a new financial sector, the cryptocurrency one.