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Crypto Broker Genesis Says Lending Plunged 80% in Third Quarter

“Heading into the fourth quarter, the cryptocurrency market is lacking directional momentum," the company reports.

By Yueqi Yang | October 31, 2022 at 05:35 PM
Bitcoin inside of a bubble with a question mark. Source: Shutterstock.

Crypto brokerage Genesis, reeling from a sharp decline in the digital-asset market that sent the industry into a tailspin, said it originated $8.4 billion in new loans in the third quarter, an 80% plunge from the prior three-month period. Most of the rest of its businesses also experienced substantial declines.

Total active loans slumped to $2.8 billion from $4.9 billion in the second quarter, Genesis said in its quarterly earnings report. Trading volumes also declined, with spot volume sliding 44% to $9.6 billion. Its derivatives desk traded $18.7 billion in notional value, down 30% from the prior quarter. In one bright spot, the company’s custody services saw an 8% increase in client signups.

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