fbpx
Cryptocurrency Exchange

Genesis Announces that it has Acquired Qu Capital to Empower its Trading Technology

One of the leading crypto trading and lending Company, Genesis Global Trading, has recently reported the acquisition of the asset, Qu Capital, a New York-based quantitative venture and research firm. This acquisition is the first step made by the organization to empower its Trading technology.

Qu Capital was established in 2017, has created cutting edge trading technology which includes improved order routing, faster exchange connectivity, advanced execution tools and, has carried out quantitative research on the digital currency domain. Further, Qu Capital was co-established by Lucas Schuermann, Alex Price, and Edward Yu, who had met at Columbia University.

Michael Moro, chief executive of Genesis, remarking on the development, stated:

“We have been very impressed with the Qu Capital team and believe they will provide key technology enhancements that will benefit our trading and lending clients. This acquisition is the latest effort to bolster our technology capabilities and intellectual firepower to better serve clients in an increasingly competitive marketplace.”

Besides, with this acquisition, Genesis will likewise hire two of the three founders of Qu Capital, and also by hiring an additional one more staff from its six-part group. CTO of Genesis, Pat DeFrancesco, said that they would include the Qu Capital tools, such as Machine Learning and other advanced technologies into Genesis current technology load and offer new product support.

Genesis, is one of the leading cryptocurrency lenders on the planet, since its launch in 2018 March, and is regulated as an agent seller under the FINRA and SEC in the United States. The organization issued 746 million dollars in crypto loans in the second quarter of this current year, which took the organization worth to 2.3 billion dollars.

Additionally, Genesis encourages exchanges for institutional investors and high net worth people who are looking to purchase or sell a huge amount of digital currencies. Furthermore, Genesis gives liquidity to its trading associates, alongst with the same-day settlement, in-depth institutional knowledge, and 24/7 exchanging.

Precisely, Genesis is a wholly-owned auxiliary of Digital Currency Group. Moreover, in addition to Genesis, Digital Currency Group is the parent organization of Grayscale Investments, the biggest manager in the digital currency sector. Besides, deal terms were not exposed to the first acquisition of Genesis.

In the meantime, the firm did not reveal any details on the new offerings; Moro, the CEO of Genesis as of late said that Genesis could be building an integrated platform where lending and trading can be accessed through one interactive GUI. The CEO implied to clients having the option to get loaning rates through an application programming interface so that clients need not have to call or email the organization.

Tags

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

Related Articles

Back to top button
Close