February 27, 2024

Genesis gives a record $ 2 billion cryptocurrency loans

Genesis Global Capital, the lending arm of Digital Currency Group, issued cryptocurrencyloans worth $ 2 billion. This is twice as much as in the last quarter of last year.

</p>

The amount of outstanding loans in the company's portfolio shortly before the global market collapse on March 12-13 reached $ 1 billion. At the end of the month, the figure fell to $ 649 million.

Genesis gives a record $ 2 billion cryptocurrency loans

Source: Genesis Global Capital

Thus, despite the decrease in BTC prices by9.5% by the end of the first quarter, the amount of outstanding loans increased by 19.1% since the beginning of the year. According to representatives of Genesis, despite the rapid collapse in prices in March, "lending activity has never stopped."

The table below shows that loans in the first cryptocurrency are most popular, but the popularity of the fiat dollar and its equivalents is growing.

Genesis gives a record $ 2 billion cryptocurrency loans

</p>

The company also reported a high demand for loans in fiat currency from trading companies that opened according to the strategyBasis tradingShort positions in Bitcoin futures while buying BTC in the spot market.

Recall that in March, the leading provider of cryptocurrency wallets Blockchain.com launched a loan program secured by bitcoins.