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Trading Firm Genesis Loaned $553 Million in Crypto Since March

  • Loans targeted at hedge funds, trading firms and companies
  • CEO says lending history shows Bitcoin may break out above $8K
server crypto computer
Photographer: Andrey Rudakov/Bloomberg

Genesis Global Trading, one of the largest over-the-counter cryptocurrency dealers, said it has loaned digital assets valued at more than half a billion dollars to institutional borrowers including hedge funds and other financial firms.

The New York-based firm began lending digital currencies in March and has $130 million in active loans denominated in Bitcoin, Ether, XRP, Bitcoin Cash and other coins, it said Thursday in a statement. Borrowers have used the assets to short digital currencies, hedge investments of fund business operations, Genesis said.