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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 Originations And Trading Volumes At Genesis Dropped Significantly 2

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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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.