The Daily: Genesis Trading Doubles OTC Volume, Bittrex Moves 130,000 BTC

OTC crypto platform Genesis Global Trading has increased its annual trading volume by 50 percent and we’ve got the details in this edition of The Daily. We also feature an announcement by Bittrex which sought to calm traders who spotted 130,000 BTC being moved, and the launch of an offers bot by P2P exchange Hodl Hodl.  

Also read: Critical Bug Found in Beam Wallet, Wirex Adds Another Cryptocurrency

Genesis Trading Reports 50% Increase in OTC Volume

Over-the-counter (OTC) digital asset platform Genesis Global Trading has recently reported a 50 percent year-over-year increase in its trading volume, despite the continuing bearish trend on the markets which started last year. In a correspondence to its customers, Genesis also noted that the total of crypto loans it gave to institutional clients has reached almost $1 billion in less than a year since the launch of its lending arm, Genesis Capital.

The company began giving loans in bitcoin core (BTC), bitcoin cash (BCH), ethereum (ETH), ripple (XRP), and other cryptocurrencies in March of last year. The entities that borrow the digital money, usually financial institutions such as hedge funds, use the assets to hedge investment positions and against dropping crypto prices.

Genesis Global Trading, which is part of crypto entrepreneur Barry Silbert’s Digital Currency Group, is registered with the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). In May 2018, the company was granted Bitlicense approval by the New York Department of Financial Services, which allows it to operate under the strict regulatory regime in the state.

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The post The Daily: Genesis Trading Doubles OTC Volume, Bittrex Moves 130,000 BTC appeared first on BlockBoard.

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