As coronavirus anxiety sweeps markets, Genesis Capital hit the brakes on crypto credit extension

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.

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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. 

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Frank Chaparro covers the intersection of financial markets and cryptocurrency as Editor-at-Large. Since joining the publication in 2018 as its first reporter, he has played a key role in building The Block into a leader in financial journalism and research. He leads special projects, including The Block's flagship podcast, The Scoop. Prior to The Block, he held roles at Business Insider, NPR, and Nasdaq. For inquiries or tips, email [email protected]