1/While our policy is to never address specific client activity, we think it's prudent to provide clarity and transparency to the market in times of great volatility and speculation. We want our counterparties and clients to know the following:
3/Genesis can confirm that we carefully and thoughtfully mitigated our losses with a large counterparty who failed to meet a margin call to us earlier this week. No client funds are impacted. We sold and/or hedged all of the liquid collateral on hand to minimize any downside.
4/We will actively pursue recovery on any potential residual loss through all means available, however our potential loss is finite and can be netted against our own balance sheet as an organization. We have shed the risk and moved on.
1/After six and a half years, I stepped down as CEO of
@GenesisTrading
last week. I am so grateful to the colleagues, clients and friends whom I got to meet and work with over the years, and to my wife and family for their incredible support.
6/In times of broad market fragility, we want our clients to know that we are here supporting them as a leader in the crypto capital markets. Genesis will be around for the long term and we are committed to driving this industry forward.
5/We continue to operate 24/7 and have met every client request. We are extremely confident in our ability to service lenders, borrowers and traders within our service level agreements.
2/
@GenesisTrading
has always prided itself on its risk management practices, exceptional track record and strong balance sheet. We are a nexus in the market and have incredible access to capital and resources of all kinds.
On Feb 3 & 4,
@MicroStrategy
will host Bitcoin for Corporations. Join our officers, industry luminaries & strategic vendors for a free, online, accelerated course in
#Bitcoin
strategy & tactics to grow your company & create shareholder value.
7/ Since our founding in 2013, Genesis has successfully navigated periods of intense market volatility. Looking ahead, we will continue to support the needs of our clients and counterparties as we enter the next phase of the industry’s evolution.
2/ We previously stated in June that we mitigated our losses with respect to a large counterparty who failed to meet a margin call. Now that the BVI bankruptcy process has commenced, we can confirm that the counterparty was Three Arrows Capital.
4/ Since then, we worked with
@DCGco
to find the optimal strategy to further isolate the risk. DCG has assumed certain liabilities of Genesis related to this counterparty to ensure we have the capital to operate and scale our business for the long-term.
3/ The loans to this counterparty had a weighted average margin requirement of over 80%. Once they were unable to meet the margin call requirements, we immediately sold collateral and hedged our downside.
3/As for me, I am going to take some time off here and spend time with my family, and then we'll see what I might want to get into next.
I'll see you around!
The
@GenesisTrading
Q4 report is out!
Highlights:
Active Loans: Up 80% to $3.8 billion
Spot Trading: Up 80% to $8.1 billion
Derivatives: Up 350% to $4.5 billion
More data and insights 👇
6/ Genesis has a range of business lines including trading, lending, derivatives, and custody services. We deploy a number of risk management strategies to ring-fence our portfolio and utilize all capabilities to mitigate losses quickly and effectively.
2/A special shoutout to
@BarrySilbert
for taking a chance on me back in 2008. I will be forever grateful to you for it.
Wish nothing but the best to
@DerarIslim
as he takes over as interim CEO; he has my full confidence to be able to continue to take Genesis to the next level.
Our 2021 Q1 report is out!
The lending numbers speak for themselves:
- $20 billion in originations
- $9 billion in loans outstanding
But the biggest thing to note in the quarter? We did ~$8.5 billion in spot trades with corporates!
Read more here:
🚨 ANNOUNCEMENT:
@GrayscaleInvest
has voluntarily filed a Registration Statement on Form 10 w/ the SEC for Grayscale Bitcoin Trust $GBTC -- details 👇
Form 10:
Press Release:
FAQs:
Very happy to announce the promotion of Derar Islim to COO of
@GenesisTrading
! His knowledge of both Wall Street and crypto is perfect for building our future.
Congrats Derar!
Happy 2 year anniversary to
@Gen_Capital
! We've come a long way in 24 months, with a long way to go.
Thanks to all of our clients for your support, and to my team for their hard work. Excited for the 12 months!
Announcing our second quarter figures for
@Gen_Capital
, our strongest quarter ever!
Highlights:
- $746 million in total originations
- $454 million in loans outstanding
- 100% growth in USD/stable coin loans
We're looking to hire a Chief Operating Officer! Amazing opportunity to join
@GenesisTrading
, a global leader in digital asset trading and lending.
More info here:
In 2012,
@BarrySilbert
gave every SecondMarket employees 2 Bitcoin.
He told all 100 employees to spend one and save one.
This was the start of
@GenesisTrading
.
More stories below in my interview with
@michaelmoro
.
Watch here:
Announcing our acquisition of
@Crypto_Vo1T
, a UK-based digital asset custody provider!! Thrilled to welcome
@miles_parry
and his team to Genesis.
And we're very excited to reveal our plans for prime services. Read all about Genesis Prime here:
I gave an update on our business and a view on the current market to our clients yesterday, and wanted to share more broadly today. Hope everyone is staying safe.
Major partnership announcement today for
@circlepay
with
@GenesisTrading
and
@DCGco
to bring high-quality $USDC yield and lending to Circle Platform Services.
In case you missed it, I got the opportunity to go on
@SquawkCNBC
yesterday morning to talk crypto. Clearly a lot of work to do, but definitely thankful for the opportunity to be on:
Today, Genesis released our Q2 Digital Asset Market Report, providing a detailed look at our record Q2 with $7.5B in trades and new loan originations. Read the full report here:
#GeminiEarn
early access is live for select customers!
With a Gemini Earn account, you can receive up to 7.4% interest on your
#crypto
.
✅Interest is earned daily
✅No minimums
✅Available in ALL 50 US states
✅No fees when you redeem your crypto
It was 1 year ago this week that we launched
@Gen_Capital
. A big thank you to our clients for the growth we've experienced to date, as well as to the team for their tremendous contributions and the long hours. Excited for year 2!
2/ Read the report for additional data, plus our thoughts on volatility markets, NFTs and more.
I'm thankful to our clients and employees for a really successful 2021. Very excited for 2022!!
On today's Unconfirmed,
@michaelmoro
of
@Gen_Capital
discusses
@Tesla
's purchase of
#Bitcoin
, launching Genesis Treasury, how conversations with corporations interested in BTC would differ in a bear market, and how GAAP accounting affects these companies.
We're excited to announce that Bitso is the first regulated cryptocurrency company in LATAM. 🤩 🎉
Go to or update your app and open it to accept our new terms and conditions.
Visit our blog for more details:
I have had the pleasure of working alongside
@Sonnenshein
since he joined in 2014. He's worked so hard for many years, helping make
@Grayscale
what it is today.
Congratulations!
Genesis is dedicated to lowering barriers for institutional investors. We're expanding our team significantly in 2021 - check out our open roles if you're interested in working at the forefront of digitally native finance.
I'm excited to join
@MessariCrypto
's Mainnet as a featured speaker!
Join me and 2,000+ other leading crypto thinkers, builders, and investors on June 1-3 for this global virtual event. 50% of ticket proceeds goes to COVID relief.
NEW podcast! “
@MichaelMoro
has been a long time friend, source, consigliere in the crypto world to me. When I first met him I didn’t know the difference between a piece of biscotti and a bitcoin.”
My conversation with Genesis Trading CEO
@michaelmoro
is now live!
- Bitcoin on balance sheets
- How they execute the trade
- Accounting considerations
- Potential Risks
- Trend moving forward
Enjoy!
iTunes:
YouTube:
We just released our 2020 Q1 Lending Snapshot!
Come read about what "Black Thursday" was like on our desk, as we reached $2 billion of new originations in Q1:
We are thrilled to welcome Michael Kraines to DCG as our first CFO. Michael brings more than 25 years of experience in FinTech to our team, and his varied perspective will be invaluable as we continue to scale.
On Wednesday, Regis hosted Alumni-Senior Career Day, which offered students the opportunity to discern their career interests and learn valuable advice from industry leaders:
Thanks to all of our alumni for participating!
1/20 at 1pm EST I’ll be teaming up with
@Coindesk
&
@GenesisTrading
CEO
@MichaelMoro
to chat about the future of crypto. My prediction- 2022 is the year of
#staking
. Register to join the live Q&A and let us know your thoughts!
What’s
#crypto
regulation going to look like in the future? Genesis CEO
@michaelmoro
shared his views with us for
#CryptoWeek
. Get access to his fascinating interview here:
ANNOUNCEMENT: We have acquired
@LunoMoney
! By joining forces, we are accelerating the creation and adoption of a better, more accessible financial system.
Yesterday's approval marks a significant milestone for the crypto industry, bring increased accessibility for traditional investors. This move fosters legitimacy, liquidity and paves the way for further mainstream adoption. Congrats to all.
#crypto
#ETFApproval
Presenting
@Gen_Capital
Q1 Digital Asset Lending Snapshot:
Highlights:
- $425 million in new originations (surpassing $1.5 billion cumulatively)
- $181 million in active loans
- USD now comprises 10% of book
Michael Moro gave us the scoop last week on the crypto lending market. Last month, his firm Genesis Capital pumped the brakes on extending credit + is currently working with clients on a case by case basis amid corona uncertainty. Listen to our convo here.
This morning we released our Q3 lending report! Highlights:
- $870 million in new originations, raising 2019 YTD figure to $2 billion+
- Loan balance of $450 million (flat QoQ, despite 26% fall in BTC price)
- Int'l demand was key driver
@Gen_Capital
Latest weekly roundup is out, featuring
@michaelmoro
of
@GenesisTrading
. We cover:
- Genesis' new custody product
- BitMEX' CFTC and SDNY charges
- Implications for both CeFi and DeFi
- The SEC's changing attitude to tokensales