Genesis, one of the largest cryptocurrency lenders and brokerages for institutional investors, said it originated more than $40 billion in new loans in the second quarter, a 9% drop from the previous three-month period.
The company had $4.9 billion in active loans as of the end of June, and said it saw more than $17 billion in spot volume trading during the second quarter, according to a report released Wednesday. Institutional activity was “muted” during the stretch and in June in particular amid an onslaught of negative crypto-centric events, including the implosion or bankruptcies of different hedge funds and lenders. Meanwhile, it saw a 66% drop in active loans outstanding to $4.9 billion from $14.6 billion in the first quarter.
“Genesis was not immune to the market drop and the damage to overall sentiment,” the report said, adding that the company had loan exposure to hedge fund Three Arrows Capital, which infamously crumpled in June.
Genesis is a subsidiary of Barry Silbert’s...
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