"Don't think Genesis will lose like this, maybe they will rise again later."
Unbeknownst to them, a key player in the Genesis Global cryptocurrency market has finally decided to completely exit digital asset trading.
Earlier, Genesis Global had stopped their spot trading services but now the platform will stop all its trading activities which is a subsidiary of GGCI International Ltd.
The move was made when another entity under Digital Currency Group (DCG) called Genesis Global Holdco which is a crypto lending platform filed for bankruptcy in January 2023 causing the entire crypto market to experience shock.
The streak, Genesis representatives said that the voluntary decision is part of its larger strategy to re-develop the company globally.
Following GGCI will stop offering derivatives trading, spot trading services at the same time will end on 21 September 2023.
Since its establishment in 2013, Genesis Global has played an important role in the crypto market, so here it can be seen that its sudden withdrawal is a very unusual act.
In addition to handling $116.5 billion in spot trades over the years and ranking top institutional derivatives by trading volume, Genesis Global's derivatives trades in the third quarter of 2022 were reported to be worth $18.7 billion.
There's no denying Genesis Global's decision was influenced by internal factors, but it has reflected the broader challenges facing digital asset exchanges from regulatory scrutiny to crypto market volatility.
