Genesis Trading, digital asset trading and lending platform based in New York, has acquired an institutional-grade crypto custodian, Vo1t, in a bid to develop prime brokerage services under one roof. The terms of the deal was not disclosed.
Michael Moro, CEO of Genesis Trading, announced the news in a blog post published on Thursday, May 21. According to Genesis Trading, this acquisition is the latest step in its journey to become prime brokerage in the digital currency ecosystem, names Genesis Prime. The prime brokerage services aims to provide financial institutions a one-stop-shop for trading, lending, and securing digital assets.
Moro, about Vo1t, said:
“They have an outstanding team that will bring significant security, financial, and market expertise to the Genesis team. We’re absolutely thrilled to have them on board.”
Genesis Trading, founded in 2013, is a subsidiary of digital currency group. provides access to block size liquidity for high net worth individuals and institutional investors looking to buy or sell digital currencies. The platform currently supports BTC, BCH, ETH, ETC, LTC, XRP, and ZEC.
In 2018, the company launched the first institutional-focused digital asset lending business, Genesis Capital. Over the period of two years, the company became the premier lending firm in the industry with more than $6 billion in originations to date.
Genesis CEO Michael Moro cited Brian Kelly, founder and CEO of BCKM, who said:
“[Genesis] has a history and a level of execution that’s unique to the sector … [they apply] best practices from traditional markets to digital assets, providing new levels of professional functionality.”
According to the reports, Moro was calling for a cryptocurrency prime broker as far back as 2018. Moro said the by developing the Genesis into a prime brokerage, the company want to provide financial institutions, trading firms, family offices, asset managers, miners, and high-net-worth individuals with a singular, fully regulated platform where they can get trading, lending, custody, and security under one roof.
CEO cited Tushar Jain, managing partner at Multicoin Capital, who said:
“Prime brokerages are a critical part of the traditional financial market infrastructure. With their new prime services offering, Genesis will help bring more professionalism and expertise to the digital asset industry. Their platform will help streamline processes, provide new levers for sophisticated traders … reduce counterparty and settlement risk, and help institutional investors maintain compliance with regulations.”
In future, Genesis is going to build an integrated client interface and additional technology solutions. The company also has plans to launch a derivatives trading desk in coming weeks or months. Future plans also includes new offices in London and Singapore.