As coronavirus anxiety sweeps markets, Genesis Capital hit the brakes on crypto credit extension
April 7, 2020, 6:04PM EDT · 1 min read
Episode 11 of Season 2 of The Scoop was recorded remotely with Frank Chaparro, Ryan Todd and Michael Moro, CEO at of Genesis Global Trading and Genesis Capital.
The cryptocurrency market continues to exhibit signs of volatility. As such, Genesis Global Trading – an institutional over-the-counter cryptocurrency trading and lending firm – decided to hit the pause button on credit extension amidst the coronavirus-tied market chaos.
Recently, Genesis has started to extend credit on a client-by-client basis but is acting gingerly in the market it helped pioneer – at least for a few weeks to figure out where the crypto credit market stands.
Moreover, while Genesis pulls back, its rivals have been willing to give out loans at significantly reduced collateral.
In this episode of the Scoop, Genesis CEO Michael Moro discusses the firm's rationale behind these critical decisions, a recent phone call it received from its regulator FINRA, and how the need for employees to work remotely has impacted its business.
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