Cryptocurrency lender Genesis Capital provided $ 500 million worth of digital asset loans in the fourth quarter of 2018 alone, soaring almost 100 percent from six months earlier, when the company started its lending business. Altogether, loans reached $ 1.11 billion for the whole of last year.
Also read: Iran in Talks With 8 Countries for use of Cryptocurrency in Financial Transactions
Crypto Loans Rose Sharply in Q4 Despite Falling BTC Price
According to the U.S. company’s Q4 Digital Asset Lending Snapshot published Jan. 30, the loans were issued to corporate borrowers such as hedge funds and trading firms mainly in the form of BTC, ETH and other virtual currencies.