Genesis Global Trading Inc., one of the leading makers of the digital currencies announced recently the launch of a new service for its lending business, the Genesis Global Capital. The new entity will enable the investors and other business enterprises to borrow the cryptocurrencies amounting to $100,000 and above for fixed periods ranging from two weeks and six months. The credits would be issued in various digital currencies including the Bitcoin, Bitcoin Cash, Ether Classic, XRP, and zCash and much more.
According to the company, the investors would get the opportunity to use the loans to spread their portfolio risks or try out on new cryptocurrencies, and other options availed by the service. The Genesis Capital, a subsidiary of the Genesis Global Trading inc., has already found its customer base for the new service such as the BlockTower Capital, DV Chain and others who are interested in taking up the credit services.
Garrett SEE commented that the dominance of Bitcoin in the market has created the need to have the lending market for the cryptocurrencies and the Genesis crypto lending comes at the right time and will help significantly in the growth of the industry. Genesis Capital invention of the lending service is the latest innovation in the institutional-focused services available in the market. Other additions include the launch of Bitcoin futures and Bitcoin exchange-traded funds services.
According to Genesis Capital, the institutional-focused lending services will considerably increase the liquidity in the industry by encouraging new entities to directly invest in the cryptocurrency business and enhancing the working capital for the firms to excel and take up the speculative short positions in the market.
For instance, there are financial institutions that require making immediate settlements with their customers but they are not ready to risk by purchasing huge sums on the balance of the Bitcoin. Hence, the lending services come in handy for them.