{"id":156108,"date":"2023-09-15T01:16:29","date_gmt":"2023-09-14T19:46:29","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=156108"},"modified":"2023-09-15T01:16:29","modified_gmt":"2023-09-14T19:46:29","slug":"genesis-global-winds-down-all-crypto-trading-activities-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/genesis-global-winds-down-all-crypto-trading-activities-crypto-news\/","title":{"rendered":"Genesis Global Winds Down All Crypto Trading Activities – Crypto News"},"content":{"rendered":"

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Genesis Global, a once-significant player in the crypto trading industry, has announced its decision to exit the cryptocurrency trading business entirely.\u00a0<\/span><\/p>\n

Genesis Global: Fall from Grace<\/strong><\/h2>\n

This decision comes on the heels of the company\u2019s earlier move to <\/span>wind down<\/span><\/a> its spot trading services, and now it\u2019s discontinuing all trading activities through GGC International Ltd, signaling the end of an era for one of the cryptocurrency industry\u2019s prominent players.\u00a0<\/span><\/p>\n

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Genesis, an affiliate of Barry Silbert\u2019s <\/span>Digital Currency Group<\/span><\/a> (DCG), was once a major player in the crypto derivatives market. However, this latest announcement marks a profound shift in the company\u2019s trajectory.<\/span><\/p>\n

The genesis of this decision can be traced back to earlier this year when another entity under the Digital Currency Group umbrella, Genesis Global Holdco, <\/span>filed<\/span><\/a> for bankruptcy in January. This move sent shockwaves through the crypto industry, as Genesis Global Holdco was a well-established crypto-lending platform.<\/span><\/p>\n

Following the collapse of its affiliate, Genesis examined its business and decided to make some difficult decisions. \u201cThis decision was made voluntarily and for business reasons,\u201d said a representative for Genesis. The change is part of a larger strategy to refocus the company\u2019s efforts and resources.<\/span><\/p>\n

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Genesis Market Exit: Established Timelines<\/strong><\/h2>\n

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The company is moving quickly to implement these changes. GGCI (GGC International Ltd) will cease offering derivatives trading immediately. Simultaneously, spot trading services will come to an end on September 21, 2023, as outlined in a memo viewed by Bloomberg News.<\/span><\/p>\n

This sudden exit from the market is remarkable, considering Genesis\u2019 historical prominence. Since its establishment in 2013, the company has played a significant role in the crypto industry.\u00a0<\/span><\/p>\n

Over the years, it handled a staggering $116.5 billion in spot trading, earning its place as one of the top institutional derivatives desks by trading volume, as noted on its website. In the third quarter of the previous year, the firm reported trading approximately $18.7 billion worth of derivatives.<\/span><\/p>\n

Genesis\u2019s exit from crypto trading services carries several implications for the industry. It underscores the volatility and uncertainty that continue to shroud the crypto market. While Genesis\u2019s decision was influenced by internal factors, it reflects the broader challenges faced by companies operating in this space, from <\/span>regulatory scrutiny<\/span><\/a> to market fluctuations.<\/span><\/p>\n

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter<\/a>, Linkedin<\/a> <\/p><\/div>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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Genesis Global, a once-significant player in the crypto trading industry, has announced its decision to exit the cryptocurrency trading business entirely.\u00a0 Genesis Global: Fall from Grace This decision comes on the heels of the company\u2019s earlier move to wind down its spot trading services, and now it\u2019s discontinuing all trading activities through GGC International Ltd, […]<\/p>\n","protected":false},"author":2,"featured_media":156109,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-156108","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/156108","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=156108"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/156108\/revisions"}],"predecessor-version":[{"id":156111,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/156108\/revisions\/156111"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/156109"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=156108"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=156108"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=156108"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}