Crypto lending firm Genesis Capital processed $1.1 billion in loans last year. This is according to the company’s recently released ‘Lending Snapshot’ for Q4 2018.
The figure shows the massive growth in processed loans as Bitcoin (available on Coinbase) price fell over 44% in 2018.
The first Digital Asset Lending Snapshot was released at the end of Q3 2018. This reported that Genesis processed $553 million in loans from the period starting March 2018.
Therefore the most up-to-date figures show that “Q4 loan originations increased more than 100% in the final three months of 2018 compared to the prior six-month period.”
The company effectively doubled its business in the final months of 2018.
Genesis Capital showed that its loans increased to $153 million in active loans, an increase of $20 million from Q3. This was most likely led by Bitcoin (available on Coinbase) price hitting new lows in this quarter.
In fact, the most active months were November and December, two incredibly volatile months for BTC where the coin dropped from $6,350 to below $3,500 USD in a two week period. These were the months where Genesis Capital reportedly “saw new hedge funds and trading firms utilizing ‘spot’ borrow.”