The End of Genesis’ Spot Crypto Trading Business
In a recent email sent to clients, it was announced that Genesis Global Trading (GGT) will be closing down its spot crypto trading business by the end of this month. This decision was made voluntarily and for business reasons. All trades on the platform must be settled by September 21st, and any remaining open accounts will be closed by the 30th.
Avoiding Bankruptcy
GGT is one of the few Genesis-linked companies that managed to escape the conglomerate’s crypto lending-induced bankruptcy earlier this year. Despite this setback, another trading-focused wing called GGC International Limited will continue to operate its spot and derivative trading services.
CoinDesk Connection
It is worth noting that CoinDesk, a well-known platform in the cryptocurrency industry, is also owned by DCG, the parent company of Genesis Global Trading.
Hot Take
The closure of Genesis’ spot crypto trading business highlights the ever-changing nature of the cryptocurrency market. It serves as a reminder that even established companies face challenges and need to adapt to survive. As an investor or trader, staying updated on industry trends and being prepared for unexpected changes is essential for long-term success.
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