|Headquarters||New York, New York|
|Key People||Michael Moro, CEO|
|Products||Broker Dealer Focused on Digital Currencies|
|Website||Genesis Trading home|
Genesis Trading originated as the bitcoin trading division of SecondMarket, which was owned and operated by Barry Silbert before he sold it to Nasdaq in 2015.
Genesis Global Trading is a subsidiary of Silbert's Digital Currency Group, which itself was launched in 2015 with funding from Bain Capital Ventures, MasterCard, New York Life and other firms. The Digital Currency Group operated Genesis Trading from the time of The Digital Currency Group's launch.
Genesis Trading received the fifth "BitLicense" ever issued by the New York Department of Financial Services. The BitLicense allows Genesis Trading to broker trades for institutional and high net worth investors in bitcoin, Ethereum, Ethereum Classic, Bitcoin Cash, Ripple, Litecoin, and Zcash.
According to The Block, an online cryptocurrency-focused news service, Genesis Trading told its clients in an email that it had experienced a 50% increase in OTC trading in 2018.
In January 2019, BitGo and Genesis Trading announced a new partnership in order to offer cryptocurrency trading services off-exchange. According to Genesis Trading CEO Michael Moro, clients of BitGo will be able to trade through Genesis Trading cryptocurrency that is deposited with BitGo without having to go through an exchange. This allows them to execute trades without their digital assets ever leaving BitGo's custody.
In 2022, Genesis faced potential losses into the hundreds of millions, according to reports, related in part to exposure to the hedge fund Three Arrows Capital, which was over-leveraged, and the Hong Kong-based crypto lender Babel Finance. The collapse of Three Arrows Capital led to substantial potential losses at numerous crypto lending firms.
- SecondMarket’s Bitcoin Desk Relaunches as Genesis Trading. CoinDesk.
- Barry Silbert Launches Digital Currency Group With Funding From MasterCard, Others. Tech Crunch.
- NY Grants Fifth-Ever BitLicense to Genesis Global Trading. CoinDesk.
- Genesis Global Trading Granted BitLicense by New York Department of Financial Services. Ciston PR Newswire.
- Genesis Trading’s OTC volume is up 50% year-over-year. The Block.
- BitGo announces partnership that puts it up against the largest crypto exchanges. The Block.
- Crypto Shakeout Engulfs the C-Suite as CEOs Start Stepping Down. Bloomberg.