Genesis Trading purchased Custodian Vo1t Crypto to bid to become the main broker
Cryptocurrency lending and trading firm Genesis Global Trading is moving towards a full-service main broker with the acquisition of cryptocurrency custody company Vo1t, the company announced on Thursday.
New York-based trading company, a subsidiary of CoinDesk, has acquired Vo1t to start developing a full suite of major brokerage services under one roof including loans, transactions, and depository. The terms of the deal were not disclosed.
Genesis CEO Michael Moro said that after having a successful business in the field of transactions and lending. The goal is for customers to be able to perform any and all operations with Genesis.
In traditional finance, the main broker refers to a specialized service package offered by investment banks and securities agents for clients of their hedge funds. This is the first time Genesis has revealed his strategy to become a major broker.
There are a few key brokers in the cryptocurrency space, including New York-based Tagomi, who joined the Libra Facebook Facebook Association in February. Digital asset services firm Bequant also announced a full suite of major brokerage services and 18 sources of liquidity earlier this month.
Moro wouldn give a number about the number of liquidity providers Genesis is targeting.
The answer is as much as we feel good, he said. The amount of money we can trade is around $ 1 billion in cryptocurrency each month, and we obviously have enough liquidity locations for us to trade that much.
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Genesis also announced plans to soon offer a derivative trading desk, which will start with over-the-counter bitcoin options. It is also interested in providing funding to family offices looking for strategic cryptocurrency hedge funds, fee structures, and asset exposure to fit their investment needs.
Elephant Weo is managing hedge funds worth mentioning, based on the criteria you are looking for, Mor Moro said.
Vo1t will also be the first office of London Genesis. The company, whose name is supposed to remind customers of a bank vault, provides custody, loans, deposits, and product transactions for 35 digital assets. Since 2017, Vo1t has provided cold storage for companies listed on the Financial Times Stock Exchange, trust companies and other financial institutions around the world. It advertises a 45 minute withdrawal time for properties kept in cold storage.
Read more: Monitoring service provider Vo1t works with IBM to provide customers with more secure transactions.
Moro started pursuing an agreement with Vo1t last fall after seeing how many services the startup team has produced with few resources. The company is currently in the middle of integrating the product.
He said, we will continue to work on acquisition integration, he said. There is a lot of work to be done to acquire this platform and their technology.
Genesis is also expanding into Singapore after registering with the Singapore Monetary Authority and will send employees from New York to the new office once it is safe to do so. With 30% to 40% of its corporate lenders from Asia, the office will give Genesis more flexibility to serve customers in the region.
There are New Yorkers, Londoners and Singaporeans who help with different time zones, according to Mor Moro. Especially because cryptocurrencies trade 24 hours a day and our customers are diverse across Europe, Asia and the United States.