The cryptocurrency market continues to exhibit signs of volatility. As such, Genesis Global Trading – an institutional over-the-counter cryptocurrency trading and lending firm – decided to hit the pause button on credit extension amidst the coronavirus-tied market chaos.
Recently, Genesis has started to extend credit on a client-by-client basis but is acting gingerly in the market it helped pioneer – at least for a few weeks to figure out where the crypto credit market stands.
Moreover, while Genesis pulls back, its rivals have been willing to give out loans at significantly reduced collateral.
In this episode of the Scoop, Genesis CEO Michael Moro discusses the firm’s rationale behind these critical decisions, a recent phone call it received from its regulator FINRA, and how the need for employees to work remotely has impacted its business.
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