Spot trading by Genesis Global Trading, the major full-service cryptocurrency broker, tripled in the first quarter of 2021.
Corporate interests made up the bulk of his business, and Genesis attributes part of its success to the Bitcoin treasury product “Genesis Treasury”..
The report published on April 28 for the first quarter of 2021 revealed this The company processed $ 31.5 billion in cash trades, up 287% from $ 8 billion in the fourth quarter of 2020. In addition, derivative transactions totaled $ 10.5 billion.
The companies accounted for $ 8,000 million in total cash business, up 25% from the previous quarter. The growth in trading in companies, which make up the majority, was a significant change from passive funds and hedge funds that previously dominated trading in the fourth quarter.
“”Much of this increase is due to a mix of customers who have first taken positions in Bitcoin, existing customers who have added the cryptocurrency to their positions, and customers who have taken a more active approach to managing their exposure.“wrote Genesis.
The crypto broker noticed that “The numbers have strengthened,” in part due to the launch of Genesis Treasury, a service that allows companies to invest in Bitcoin through accumulation strategies such as equity, liquidity and yield.. The company noted that interest in Genesis Treasury followed the broader interest of large institutions entering the cryptocurrency markets, such as Tesla and MicroStrategy:
“When corporate customers bought Bitcoin for their government bonds in the first quarter, our metrics changed. The arrival of companies like Tesla, MicroStrategy, and Square sparked a wave of interest from companies looking to partner with Genesis Treasury on their own funding allocation efforts. “
Genesis also saw a sharp surge in cryptocurrency lending in the first quarter.;; More than $ 20 billion in new origins was added, compared to $ 7.6 billion in the fourth quarter. Active loans outstanding increased 136.4% from $ 3.8 billion at the end of 2020 to $ 9 billion.
The cumulative origins increased 94.8% and have totaled $ 40 billion since its inception Services of the loan in March 2018.
“”Our loan portfolio has increased significantly in value through a combination of new issues through cash, ETH and decentralized financial investments (DeFi). along with a significant increase in asset prices from our existing cryptocurrency book, “wrote Genesis.