In what can be described as a significant shift in the cryptocurrency trading landscape, Genesis, once a formidable force in the industry, has completely terminated its trading services. A company spokesperson confirmed this dark development, highlighting the complete shutdown that includes both spot trading and international derivatives trading operations. In a strategic yet disappointing move, Genesis is relinquishing its position in the crypto market, voluntarily ending its trading services via GGC International.
The Fall of Genesis: A Timeline of Events
The year leading up to this announcement has not been without its share of turmoil for Genesis. The company faced crippling setbacks following the collapse of two significant entities in the crypto space – Three Arrows Capital and FTX. These events had a significant impact on Genesis, triggering a chain reaction that led to this ultimate cessation. Despite initial attempts to isolate its trading business from the bankruptcy proceedings initiated by its lending division in January, industry conditions further deteriorated, leaving the company with no choice but to close all trading fronts.
From a Major Player to an Exit: Genesis’s Journey
Once a powerhouse providing robust trading services to institutional clients, Genesis had a remarkable journey in the crypto space. Before adversity struck last year, the firm was renowned for its remarkable offerings to institutional clients, effectively carving out a substantial market segment for itself. This exit, therefore, not only marks the end of an era but also signifies a major shift in the dynamics of cryptocurrency trading, leaving a void in its wake.