What is Genesis Global Trading? Services of Genesis Global

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2022-12-03 12:33:49

What is Genesis Global Trading?

Genesis Global Trading is a subsidiary of Digital Currency Groupwhich operates as a brokerage firm focusing on the crypto market.

Genesis Global Trading’s potential customer file is quite small because they require users to have high income and related documents for KYC and proof of income. In general, Genesis Global Trading’s target customer group is institutional investors, so it is quite difficult for ordinary users to access this company.

Services of Genesis Global Trading

Genesis Global Trading provides four services to crypto investors including: OTC trading platform (Trading), lending service (Lending), crypto custody service (Custody) and related derivative products crypto (Derivative). In which, OTC trading services and lending and borrowing services are the two most important products of Genesis Global Trading.

OTC Trading

Genesis Global Trading provides OTC service privacy-oriented, focusing on institutional investors, sharks and whales in the crypto market. OTC transactions on Genesis take place between two counterparties, not on the exchange, and the two parties will negotiate the price themselves.

Genesis OTC Market was born in 2013, as of now, they are one of the largest OTC markets for professional investors in the crypto market with:

  1. $116.5 billion in spot (spot) trading volume.
  2. Support trading more than 100 tokens and coins.
  3. Connecting more than 1,000 institutions (Institutional Trading Counterparties).

To be able to trade on the Genesis OTC market, all users are required to contact the Genesis team to open an account and provide the necessary documents to complete the identity verification and proof of income . Genesis Global Trading’s OTC market requires an equivalent trade size of $250,000 or more.

Crypto Lending and Borrowing

After succeeding with its OTC trading service, on March 1, 2018, Genesis launched a lending and borrowing service to complement its existing OTC trading operations.

Over 3 years of development, Genesis lending and borrowing services have grown rapidly and they have become one of the leading lending and borrowing institutions in the industry.

genesis stats
Genesis Trading figures from Q4 2021 to Q3 2022

Similarly, the target customers using Genesis’ lending and borrowing services are institutional investors. The minimum loan and loan amount is 100 BTC or 1,000 ETH or the equivalent of 2 million USD or more.

Genesis Global Trading milestone with 3AC and FTX

3AC is one of the largest customers of Genesis lending and borrowing. When 3AC BankruptcyGenesis became their largest creditor (accounting for $2.4 billion of total debt of $3.575 billion).
However, Digital Currency Group (the parent company of Genesis) has filed a claim for $1.2 billion out of a total of $2.4 billion. Actual losses will fall between 1 – 1.2 billion USD.

3ac debt
Genesis Trading is one of the major creditors of 3AC

In addition, in the incident FTX and Alameda collapse, Genesis Derivatives has about $175 million stuck on FTX. After that, Digital Currency Group (Genesis’ parent company) transferred $140 million to Genesis so the company could continue operating. Not long after, Genesis announced a lock-in and considered a number of options including filing for bankruptcy.

Frequently asked questions about Genesis Global Trading

How much does Genesis charge for transactions?

Genesis does not charge management fees or commissions for any transaction. They make money through the difference between the bid and ask prices.

What are the requirements to open a trading account on Genesis OTC?

Genesis OTC focuses on institutional investors in the crypto market. If you are an individual investor, you need to own a net worth of over 10 million USD and the necessary documents to prove your income and KYC.

Is Genesis legal?

Genesis Global Trading is a US-based platform that has been accredited and holds the relevant papers provided by the SEC and FINRA.

Which countries are supported to trade on Genesis Global Trading?

Supported countries include: Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, the United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

What is the minimum deposit and trading volume on Genesis?

Minimum deposit: 75,000 USD

Minimum trading volume per trade order: 250,000 USD

The minimum loan and borrowing amount is 100 BTC or 1,000 ETH or the equivalent of 2 million USD or more.

summary

Genesis Global Trading is the leading brokerage in the crypto market. In addition, they are also one of the two large companies that Digital Currency Group owns, currently the bankruptcy risk of Genesis is greatly affecting this parent company.

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