Genesis Global: Exiting the Crypto Trading Business
Genesis Global, a prominent player in the crypto trading industry, has recently made the decision to completely exit the cryptocurrency trading business. This comes after the company had already begun winding down its spot trading services and is now discontinuing all trading activities through GGC International Ltd.
Genesis Global’s Fall from Grace
Genesis Global, an affiliate of Digital Currency Group (DCG) led by Barry Silbert, was once a major player in the crypto derivatives market. However, this latest move signifies a significant shift in the company’s trajectory.
The decision to exit can be traced back to earlier this year when another entity under the Digital Currency Group umbrella, Genesis Global Holdco, filed for bankruptcy. As a result, Genesis reevaluated its business and decided to refocus its efforts and resources.
Established Timelines for Genesis Market Exit
The company is moving swiftly to implement these changes. GGC International Ltd will cease offering derivatives trading immediately, and spot trading services will come to an end on September 21, 2023.
This sudden exit from the market is remarkable considering Genesis Global’s historical prominence. Since its establishment in 2013, the company has handled a staggering $116.5 billion in spot trading and has been one of the top institutional derivatives desks by trading volume.
Implications for the Crypto Industry
Genesis Global’s exit from crypto trading services highlights the volatility and uncertainty that continue to surround the crypto market. While their decision was influenced by internal factors, it reflects the broader challenges faced by companies in this space such as regulatory scrutiny and market fluctuations.
Hot Take: A Shift in the Crypto Landscape
The exit of Genesis Global from the crypto trading business marks a significant shift in the industry. As one of the prominent players, their decision to wind down and discontinue trading activities reflects the challenges faced by companies operating in this space. It serves as a reminder of the volatility and regulatory uncertainties that continue to shape the crypto market.
By
By
By
By
By
By