Genesis Ceases Support for XRP Trading, Custody and Loans
- Although Ripple will contest the charges, the legal battle with the SEC could take years if the firm fights the charge in court
XRP continued its plunge on Wednesday and gave up all of its early gains as more exchanges and partners are distancing themselves from the fourth-largest crypto asset by market capitalization. Genesis, a New York-based cryptocurrency trading and lending platform, has joined the growing list and suspended its support for Ripple’s coin.
In an email sent to clients, Genesis said it will no longer offer XRP trading and lending services in the wake of an SEC lawsuit against Ripple Labs and its executives. The platform ceased accepting new deposits or spot trades, and clients holding positions have until January 15 to liquidate their trades if there is enough Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term for the token.
However, the trading suspension will not affect customers’ ability to trade XRP derivatives, which will continue as usual until further notice.
The crypto lender, which targets institutional investors and wealthy individuals, added it will no longer provide custody service or loans in XRP. All fixed-term loans maturing on or after February 1 will be called back for termination.
Genesis primarily lends to institutional borrowers such as hedge funds and trading firms, looking for arbitrage, mainly to short crypto. Since the launch of the business two years ago, the startup has originated nearly $9 billion in crypto loans, the bulk of which are denominated in Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term and cash.
Genesis is an exclusive distribution agent for Grayscale investments products and the company’s crypto suite includes digital asset trading, institutional lending, custody and prime brokerage services.
Furthermore, the company’s derivatives trading desk, which was launched in May, is a principal liquidity provider and trade both cleared and bilateral OTC derivatives in options and forwards.
Although Ripple said it will contest the charges, the legal battle with the SEC could take years if the company fights the charge in court. As such, those who keep the token listed on their platforms may be at risk of being sued and fined if the SEC wins its case and the court deems XRP unregistered securities.
XRP continued its plunge on Wednesday and gave up all of its early gains as more exchanges and partners are distancing themselves from the fourth-largest crypto asset by market capitalization. Genesis, a New York-based cryptocurrency trading and lending platform, has joined the growing list and suspended its support for Ripple’s coin.
In an email sent to clients, Genesis said it will no longer offer XRP trading and lending services in the wake of an SEC lawsuit against Ripple Labs and its executives. The platform ceased accepting new deposits or spot trades, and clients holding positions have until January 15 to liquidate their trades if there is enough Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term for the token.
However, the trading suspension will not affect customers’ ability to trade XRP derivatives, which will continue as usual until further notice.
The crypto lender, which targets institutional investors and wealthy individuals, added it will no longer provide custody service or loans in XRP. All fixed-term loans maturing on or after February 1 will be called back for termination.
Genesis primarily lends to institutional borrowers such as hedge funds and trading firms, looking for arbitrage, mainly to short crypto. Since the launch of the business two years ago, the startup has originated nearly $9 billion in crypto loans, the bulk of which are denominated in Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term and cash.
Genesis is an exclusive distribution agent for Grayscale investments products and the company’s crypto suite includes digital asset trading, institutional lending, custody and prime brokerage services.
Furthermore, the company’s derivatives trading desk, which was launched in May, is a principal liquidity provider and trade both cleared and bilateral OTC derivatives in options and forwards.
Although Ripple said it will contest the charges, the legal battle with the SEC could take years if the company fights the charge in court. As such, those who keep the token listed on their platforms may be at risk of being sued and fined if the SEC wins its case and the court deems XRP unregistered securities.