Loan Originations And Trading Volumes At Genesis Dropped Significantly

Genesis, a crypto company, reported a significant fall in loan originations and trading volumes in the third quarter of the year, following several rocky months for the crypto market highlighted by bankruptcy and collapse at a number of prominent enterprises.

Loan origination and spot trading volumes at cryptocurrency business Genesis fell in the third quarter. The company said:

“Heading into the fourth quarter, the cryptocurrency market is lacking directional momentum as participants are taking stock after a beleaguering summer of endless negative headlines. Genesis remains prepared for a sustained crypto winter in light of such powerful macro headwinds.”

Loan originations at Genesis fell to $8.4 billion in the third quarter of the year, which lasted from July 1 to September 30. This is a 79% decrease from the previous quarter’s loan originations of $40.4 billion.

The company also experienced a modest drop in trade volumes. Spot trade fell 44% from $17.2 billion in the second quarter to $9.6 billion in the third.

As CoinCu reported, Michael Patchen, the company’s previous Chief Risk Officer, left in October.

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