Genesis will no longer offer cryptocurrency trading services through any of its business entities after halting spot and derivatives transactions through GGC International Ltd.
(Bloomberg) — Genesis will no longer offer cryptocurrency trading services through any of its business entities after halting spot and derivatives transactions through GGC International Ltd.
The affiliate of Barry Silbert’s Digital Currency Group was once one of the largest derivatives trading desks before another of the digital-asset conglomerate’s related companies, crypto-lender Genesis Global Holdco, filed for bankruptcy in January.
“This decision was made voluntarily and for business reasons,” a Genesis spokesperson said in an emailed statement Thursday. GGCI will stop offering derivatives trading immediately, while spot trading will cease on Sept. 21, according to a memo viewed by Bloomberg News.
Since its founding in 2013, Genesis handled $116.5 billion in spot trading and was one of the top institutional derivatives desks by volume, according to its website. The firm’s report for the third quarter of last year noted that it traded $18.7 billion of derivatives.
Genesis announced earlier this month that it was winding down spot trading services provided by Genesis Global Trading. At the time, the firm said that spot and derivatives trading services through GGC International would remain operational. GGC International is a British Virgin Islands company wholly owned by Genesis Bermuda Holdco Ltd.
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