In this article, we will discuss what is Genesis Trading. Genesis has been facing a liquidity crunch since the cryptocurrency exchange platform FTX filed for bankruptcy two weeks back. Along with that Genesis has been trying to raise approximately $1 billion from crypto companies like Binance to continue its operational cost for the next few months.
What is Genesis Trading?
Genesis Trading is a high-end cryptocurrency platform that capitalises upon the ever-expanding DeFi industry. It is one of the first regulated broker-dealers for Bitcoin in the USA, offering cryptocurrency trading, lending and custodial services. This Genesis Trading review will include details about the company, information about the features on offer on the platform, benefits, drawbacks and other useful information to see why Genesis stands out among its competitors.
Genesis Global Trading Inc. is an over-the-counter (OTC) trading subsidiary of the Digital Currency Group (DCG) based in New York, USA that specializes in offering trading solutions to high-net-worth investors, trading firms, miners and institutions. It was launched in 2013 by founder and previous owner Barry Silbert to be the Bitcoin trading arm of SecondMarket, which also ran CoinDesk and Grayscale Investments.
Genesis Trading is an ideal choice for high-value and high-volume cryptocurrency trades and loans, having received a BitLicense from the New York Department of Financial Services, which means high-value crypto trades can be executed on their platform. To prove you can Trade on Genesis, there are certain requirements for making an account. These include submitting a new applicant profile (NAP) and any associated documents needed for review, such as government-issued ID and code, like a social security number and proof of address.
What are the Services Offered by Genesis Trading?
-Trading
Genesis Trading provides users with access to exchanges and interested investors with whom they can connect and execute trade orders. With high-quality pools of liquidity, users can either complete spot transactions or speculative derivatives trades on future spec asset digit prices. of currencies OTC such as Ethereum, Litecoin and Ripple.
-Lending
Genesi Trading describes itself as 'the world's largest digital asset lender' that provides the opportunity for users to borrow or lend crypto.
Users can borrow crypto for hedging, speculation and for working capital. Genesis loans are available in either Bitcoin or US Dollar Coin (USDC), which is a stablecoin that is linked to the US dollar. Stablecoins are different from cryptocurrencies like Ethereum as they are based on fiat currencies and so their price is much less volatile in comparison.
- Custody
Formerly known as Vo1t, Genesis Custody is a cold storage facility for digital assets. This means your crypto is stored in a wallet that is not constantly connected to the internet and so is better protected against hackers or breaches in security. Even though this cold- storage vault is not constantly online and the private keys used for access are always offline, users still have same-day access to their assets for fast and secure transactions
Bottom Line
Genesis Trading is not the most accessible of brokers, with high salary and accreditation requirements for its clients. The security safeguards in place are reassuring and the regulated platform offers great customer support. This article is about what is Genesis Trading.
