Genesis, a crypto trading firm, has announced the closure of its crypto trading business operations
Under a spokeswoman, Genesis, the crypto-trading industry devastated by the failures of Three Arrows Capital and FTX last year, has suspended all trading operations. The company closed its U.S. desk last week, but the worldwide spot and derivatives trading operations are also ending, according to the spokeswoman.
The announcement adds, “Genesis has decided to discontinue offering digital asset spot and derivatives trading through GGC International, Ltd. (GGCI).” “I made this decision voluntarily and for business reasons.” Genesis no longer provides trading services through any of its business entities as a result of the cessation of services from GGCI.”
Genesis’ loan segment filed for bankruptcy protection in January, but the trading firm was excluded from the proceedings. However, industry conditions have deteriorated since then. Before the trouble started last year, Genesis was a big player, providing trading services to institutional clients.
Crypto trading is the act of speculating on cryptocurrency price changes through a CFD trading account or purchasing and selling the underlying coins through an exchange. It entails trading one sort of cryptocurrency for another. All exchanges allow cryptocurrency trading; however, centralized exchanges may demand you to sell one token and acquire another, which might result in higher costs.
Easy Transactions are one of the benefits of crypto trading. Crypto transactions can be completed quickly, at a cheap cost, and in a somewhat private setting. Cryptocurrencies are founded on cryptography and blockchain security, making decentralized cryptocurrencies secure forms of payment. Low fees and short settlement times most crypto payments settle within minutes if not seconds.
Bank wire transfers, on the other hand, can be much more expensive and sometimes take three to five business days to clear. Industry Expansion on an Exponential Scale The cryptocurrency industry has been one of the most rapidly growing markets in most of our lifetimes. Inflation Protection As a result of inflation, the value of many currencies falls. Many people believe that cryptocurrency can protect them from inflation.
Genesis Trading, a premier platform in the cryptocurrency sphere, is at the forefront of the burgeoning DeFi sector. Established in 2013 as a subsidiary of the Digital Currency Group, it was among the pioneers in obtaining broker-dealer regulation for Bitcoin in the United States. The company offers a suite of services including trading, lending, and custody of digital assets, catering primarily to institutional clients and individuals with high net worth.
Operating at the core of the largest digital asset network, Genesis Trading integrates top-tier market data, exchange connectivity, and liquidity. This is complemented by their exceptional execution support, ensuring a seamless experience for their clients.
The company holds a license from the New York State Department of Financial Services to conduct virtual currency business activities. Additionally, it is registered as a broker-dealer with regulatory bodies such as the Securities and Exchange Commission (SEC) and FINRA.
