Peter Smith
The pioneer OTC trading desk for digital assets, Genesis, announced the acquisition of Vo1t custody solution and announced further plans to open a digital asset brokerage Genesis Prime.
Digital Currency Group Expands
Genesis is a subsidiary of Digital Currency Group led by Barry Silbert, which also has the famous Grayscale, Coindesk, and other companies under its umbrella. Genesis is focused on connecting institutional buyers and sellers with large orders.
Besides OTC deals, Genesis extended its operations with Genesis Capital, a digital currency lending platform for institutions. According to the company’s CEO, Michael Moro, it now has over $6 billion originators.
The company has just acquired Vo1t, UK-based institutional-grade custody for digital assets. Among Vo1t’s clients is Etana Custody, a service used by a large U.S.-based exchange Kraken.
With a secure way to store cryptocurrencies, Genesis aims to build a digital asset brokerage for institutional clients. It is going to be a one-stop-shop for storing, trading, borrowing, and lending crypto.
Institutions Are There
The presence of institutional interest for crypto is frequently discussed by retail investors. The blockchain space is still at the early stages of development and there are concerns that the big players may not treat crypto as something like equities.
Still, the developments of the infrastructure-focused particularly on institutions point at the growing demand for crypto from large clients. Existing entities like Fidelity are slowly entering the space and new companies like Bakkt are being founded.
The institutional infrastructure in crypto is at the discovery stage. A prominent Bitcoin and blockchain proponent, Meltem Demirors points that Genesis has taken a vertical route of development, covering more services. She also pointed out that there are companies that provide services for various clients, making them ‘horizontal plays’.
The crypto playground for the large participants is being actively built and companies are finding their way into it. Big developments take time, but it’s evident that the demand is there.
Peter Smith
