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Crypto Broker Genesis Says Lending Fell Again in Second Quarter

  • Institutional activity was ‘muted’ during second quarter
  • ‘Genesis was not immune to the market drop,’ company says
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Genesis, one of the largest cryptocurrency lenders and brokerages for institutional investors, said it originated more than $40 billion in new loans in the second quarter, a 9% drop from the previous three-month period. 

The company had $4.9 billion in active loans as of the end of June, and said it saw more than $17 billion in spot volume trading during the second quarter, according to a report released Wednesday. Institutional activity was “muted” during the stretch and in June in particular amid an onslaught of negative crypto-centric events, including the implosion or bankruptcies of different hedge funds and lenders. Meanwhile, it saw a 66% drop in active loans outstanding to $4.9 billion from $14.6 billion in the first quarter.