May 9, 2019, 2:48AM EDT
• 6 min read

Behind The Scoop: An inside look at Genesis' lending business

Quick Take

  • Moro provided an update to outstanding loan book figures published in the Q1 lending snapshot stating they grew by more than 40% in the first three weeks of April (vs. BTC which saw a +25% move during that time) to over $250 million in loans
  • $250m worth of outstanding loans gives it an estimated 2/3 share of the total outstanding crypto loan pie
  • Genesis has seen its total USD value of borrows increase 35% QoQ in 1Q19, vs. lending protocols which saw a ~20% decline; Genesis total borrow volumes were almost an order of magnitude greater than all of borrows on lending protocols in 1Q19
  • Moro expressed wariness over new entrants dipping too far down the credit box in pricing for risk in order to drive higher volumes
  • Genesis Capital is close to “full” in how many clients they expect to do business with, at 75 – 100 borrowers
  • Moro is fascinated by the experiment of open lending protocols, but views it as a retail solution rather than institutional

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