April 25, 2024

Genesis Capital reports an increase in the volume of issued cryptocurrency loans in the 3rd quarter

Genesis Capital set a new record for the volume of issued cryptocurrency loans - more than $870 million in 3this quarter compared to $ 746 million last quarter.

According to the company, the share of loans infiat currencies and stablecoins increased markedly and reached 31.2%. Last quarter, this indicator was $ 23.5%, and at the end of last year - 14%. Among the stablecoins, the most popular are USDT, USDC, PAX and TUSD. Also increased loans in ETH (7.5%), ETC (3%) and XRP (3.5%).

The total amount of loans issued by the company reached $ 3.1 billion. However, the share of loans issued in bitcoins has been declining for the second quarter in a row - if 68.1% of loans were issued in BTC in the first quarter, then in the second quarter - 62.5%, and in the third quarter this figure dropped to 50.2%.

“Each quarter, the share of altcoins changes independing on the mood of the hedge funds that choose the right moment to enter an asset, ”said Matt Ballensweig, Head of Business Development at Genesis Capital.

Last week, Bitcoin IRA and Genesis Capitalannounced the imminent launch of a cryptocurrency pension lending program. Bitcoin IRA users will have the opportunity to provide their assets on a Genesis Capital loan and receive interest.