Genesis Global Capital, a service aimed at institutional investors, reported its activity for the third quarter of 2020. From July to September the company issued cryptocurrency loans worth $5.2 billion.
Overall growth in the volume of outstanding loans was described as modest. In the third quarter the figure stood at $2.1 billion vs. $1.4 billion in the second.
Source: Digital Asset Market Report.
In Genesis Global Capital’s loan book for the period, altcoins and the U.S. dollar dominated. Bitcoin’s share of outstanding loans fell to 40.8%.
The main reason cited by the company for the shift in client preferences is the growth of the DeFi sector — in this context, loans in Ethereum and stablecoins are becoming more common.
“Unpaid loans in Ethereum rose to 12.4% of total portfolio, the dollar increased to 34.5%, other altcoins to almost 5%,” the company noted.
Genesis q 3 Report by ForkLog on Scribd
In the first quarter of 2020, Genesis Global Capital issued cryptocurrency loans worth $2 billion. The amount more than doubled the figure for October–December 2019.
In the second quarter the company provided cryptocurrency loans of $2.2 billion.
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