Genesis
sees a surge in cash and stablecoin lending
Genesis Capital, the
institutional focused lending and trading platform saw a surge in cash and
stablecoin lending this quarter. The Digital Currency Group published its
latest “Digital Asset Lending Snapshot” on
Wednesday, the report revealed that the surge in cash lending was substantial,
pushing bitcoin-denominated loans to less than 60% of Genesis’ portfolio.
According to Matt Ballensweig,
head of business development at Genesis, much of the liquidity often comes
from crypto-rich mining firms who need loans to pay overhead costs. The
report also noted a rise in altcoin lending - primarily driven by a rise in
ETH and ETC-backed loans, which together comprise 10.5% of the firm’s total
outstanding loans.
