Genesis, one of the largest cryptocurrency lenders operating today, has reportedly processed more than $1.1 billion in lends and borrows during the previous year. The company, an offshoot of Genesis Global capital, announced the news in a on January 30, after publishing its for the fourth quarter of 2018.
According to the release, Genesis more than doubled its loan originations in the last quarter of 2018 compared to the six months prior to that. The company launched the business in March 2018 and had $500 million in loans processed by October 2018. According to the snapshot, the majority of Genesis’ loan portfolio, around 60 percent, was comprised of Bitcoin, while XRP made up for 20 percent of the company’s loans.
Michael Moro, the CEO of Genesis, said that dramatic growth of the demand for loans could be attributed to the crypto bear market. Moro believes that the crypto winter might last for two more years, which could cause the market for Genesis to become larger.