Introduction
Genesis, a New York-based crypto trading firm, is set to wind down its trading services. The company has announced that it will stop trading on its platform effective December 31, 2021.
Genesis was established in 2013 and has since grown to become one of the leading crypto trading firms in the United States. The company offers over-the-counter (OTC) trading, digital asset lending, and institutional brokerage services to its clients.
Reasons for Winding Down
According to a spokesperson for Genesis, the decision to wind down its trading services was made in response to the changing market conditions. The spokesperson stated that the company had ?evaluated its business and decided to focus on other areas of growth and expansion.?
The spokesperson further added that Genesis will continue to operate its lending and custody businesses. The company will also continue to support its existing clients with their trading needs until the end of the year.
Impact on the Crypto Market
The decision by Genesis to wind down its trading services is not expected to have a significant impact on the broader crypto market. However, it is a reminder that the crypto industry is still in its early stages and that companies are still exploring different business models.
It is also worth noting that the crypto market has been experiencing a period of consolidation in recent months. This has led to increased competition among crypto trading firms and may have played a role in Genesis? decision to wind down its trading services.
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Conclusion
Genesis? decision to wind down its trading services is a reflection of the changing market conditions in the crypto industry. While it is not expected to have a significant impact on the broader market, it is a reminder that companies in the crypto space are still exploring different business models and that the industry is still in its early stages.
