Genesis Global, once a major player in the industry, has announced its decision to exit the cryptocurrency trading business entirely. Digital Currency Group subsidiary Genesis Global has ceased all crypto trading operations following bankruptcy.
Genesis Global, crypto He closed his notebook completely!
This decision comes on the heels of the company’s previous move to discontinue its spot trading services. The platform is now ceasing all trading activities through GGC International Ltd. Thus, it marks the end of an era for one of the leading players in the cryptocurrency industry. Genesis, a subsidiary of Barry Silbert’s Digital Currency Group (DCG), was once a major player in the crypto derivatives market. However, this latest announcement marks a profound shift in the company’s trajectory.
The origin of this decision is cryptokoin.comIt dates back to earlier this year, when Genesis Global Holdco, another entity under the Digital Currency Group umbrella you follow on , filed for bankruptcy in January. Genesis Global Holdco had a prominent position as a well-established cryptocurrency lending platform. Therefore, this move sent shockwaves throughout the crypto industry. Following the collapse of its subsidiary, Genesis examined its business and decided to make some tough decisions. “This decision was made voluntarily and for business reasons,” a representative from Genesis said. The change is part of a larger strategy to refocus the company’s efforts and resources.
Genesis’ exit timeline from the cryptocurrency market
The company is moving quickly to implement these changes. GGCI (GGC International Ltd) will immediately stop offering derivatives trading. Simultaneously, spot trading services will end on September 21, 2023. Considering the historical importance of Genesis, this sudden exit from the market is remarkable. Because the company has played an important role in the cryptocurrency industry since its founding in 2013.
Over the years, it has processed a staggering $116.5 billion in spot trading, making it one of the top institutional derivatives desks by trading volume, as stated on its website. The firm reported that it traded approximately $18.7 billion worth of derivative products in the third quarter of the previous year. Genesis’ exit from cryptocurrency trading services has several implications for the industry. It underscores the volatility and uncertainty that continues to shroud the crypto market. Genesis’ decision was likely influenced by internal factors. However, it reflects broader challenges facing many companies, from regulatory scrutiny to market volatility.
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