Over-the-counter digital currency trading and lending firm Genesis airtight the fourth quarter of 2019 with record high results in loan originations since its inception.

Per a January. 30 press release, Genesis facilitated over $4.25 billion in loans since its incorporation in March 2018, which made Q4 the all-time in company history. Genesis originated more than $1.one billion in loans and borrows for its institutional customers, with full agile loans of $545 1000000, showing a 23% increase compared to $450 million in Q3.

Genesis noted an increment in its active loan book and originations despite a 14% pass up in the Bitcoin (BTC) cost and other digital assets. The amount of borrowings in U.Due south. dollars besides connected to grow and constituted 37% of the visitor's active loan portfolio in Q4 2019.

Crypto loans market highlights

As of December 2019, the entire crypto loaning industry was estimated to be worth $iv.7 billion and the number of crypto loan platforms was growing rapidly, according to a report made by blockchain company Graychain Ltd.

While lenders had only earned a combined $86 million in involvement since 2018, the need for cryptocurrency loans was growing. In Q1 2019, over 5,400 new loans were issued, and in the second, at least xviii,500. The volume of lending also increased, with lenders issuing $64.eight million in loans in the start quarter and $159.3 million in the second.

Just recently, major cryptocurrency lending company BlockFi added support for Litecoin (LTC) and USD Coin (USDC), and crypto lending and borrowing platform Celsius announced that information technology would exist implementing compounding interest on cryptocurrencies deposited in its wallet.