U.S. crypto broker Genesis says its lending business is meeting client demand – Reuters.com

U.S. crypto broker Genesis says its lending business is meeting client demand – Reuters.com

Blockchain Crypto Market Technology
June 16, 2022 by Coinvasity
17
LONDON, June 15 (Reuters) – U.S. cryptocurrency dealer Genesis Trading said on Wednesday its balance sheet is strong and its lending business continues to meet client demand, days after rival lender Celsius Network sparked a crypto sell-off by freezing client withdrawals."Despite elevated market volatility, all business operations continue to function normally at Genesis," it said
wp-header-logo-204.png

LONDON, June 15 (Reuters) – U.S. cryptocurrency dealer Genesis Trading said on Wednesday its balance sheet is strong and its lending business continues to meet client demand, days after rival lender Celsius Network sparked a crypto sell-off by freezing client withdrawals.
"Despite elevated market volatility, all business operations continue to function normally at Genesis," it said in a tweet. "We have strong risk management practices and frameworks and remain committed to supporting our clients through all market conditions."
Crypto lenders such as New Jersey-based Celsius offer high rates of interest to customers who deposit digital coins at their platforms. They then lend out cryptocurrencies to earn a return. read more
Celsius said on Monday it was freezing withdrawals and transfers citing "extreme" market conditions, spurring the latest meltdown in crypto markets and prompting warnings from the top U.S. securities regulator over "too good to be true" returns. read more
Bitcoin tumbled on Wednesday as much as 7.8% to $20,289, its lowest since December 2020. It has lost around 28% since Friday and more than half of its value this year.
Our Standards: The Thomson Reuters Trust Principles.
China will put into effect revised rules governing mobile apps on Aug. 1, the cyberspace administration said on Tuesday.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved

source

Add a comment