Over-the-counter digital currency trading and lending firm Genesis has closed the fourth quarter of 2019 with record high loan originations since its inception.
Over-the-counter digital currency trading and lending firm Genesis closed the fourth quarter of 2019 with record high results in loan originations since its inception.
Per a Jan. 30 press release, Genesis facilitated over $4.25 billion in loans since its incorporation in March 2018, which made Q4 the best in company history. Genesis originated more than $1.1 billion in loans and borrows for its institutional customers, with total active loans of $545 million, showing a 23% increase compared to $450 million in Q3.
Genesis noted an increase in its active loan book and originations despite a 14% decline in the Bitcoin (BTC) price and other digital assets. The amount of borrowings in U.S. dollars also continued to grow and constituted 37% of the company’s active loan portfolio in Q4 2019.
Crypto loans market highlights
As of December 2019, the entire crypto loaning industry was estimated to be worth $4.7 billion and the number of crypto loan platforms was growing rapidly, according to a report made by blockchain company Graychain Ltd.
While lenders had only earned a combined $86 million in interest since 2018, the demand for cryptocurrency loans was growing. In Q1 2019, over 5,400 new loans were issued, and in the second, at least 18,500. The volume of lending also increased, with lenders issuing $64.8 million in loans in the first quarter and $159.3 million in the second.
Just recently, major cryptocurrency lending company BlockFi added support for Litecoin (LTC) and USD Coin (USDC), and crypto lending and borrowing platform Celsius announced that it would be implementing compounding interest on cryptocurrencies deposited in its wallet.
Source: Cointelegraph https://cointelegraph.com/