What the Genesis Loan Suspension Teaches Us About Crypto Lending
Genesis Global Trading, one of the largest crypto lenders and institutions, announced November 16 that they would "temporarily suspend redemptions and new loan originations in the lending business," This, despite reporting a $20.7 billion in notional value in derivatives trading last year in Q4 and a recent $140 million equity infusion from Digital Currency Group. A company announcement attributed their decision to "abnormal withdrawal requests which have exceeded our current liquidity." What c...