The prime broker Genesis, part of Digital Currency Group, announced the launch of a cryptocurrency custody service aimed at qualified investors.
Genesis Custody is now live!https://t.co/rE1oYXMY2V
— Michael Moro (@michaelmoro) September 29, 2020
According to Genesis CEO Michael Moro, Genesis Custody provides clients with ‘individual insurance solutions’ from Paragon International Insurance Brokers and Woodruff Sawyer.
Initially Genesis Custody supports custody of Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ethereum Classic, MANA, ZCash, Horizen, XRP and XLM. The firm plans to add new assets monthly.
The service launch followed the integration of Vo1t’s digital asset custody technology into the company’s business. Genesis acquired the London-based firm in May this year.
Moro outlined the company’s further plans:
- securing Singapore regulator approval as a qualified custodian;
- establishing an agency trading platform;
- launching an API for institutional lending;
- launching a new capital-raising business for hedge funds and asset managers that use the firm’s platform.
Earlier in August, Genesis reported that its crypto-loan portfolio in the second quarter had doubled — to $2.2 billion.
Earlier the company announced a joint development with Circle of DeFi products based on the USDC stablecoin.
Subscribe to the Forklog channel on YouTube!