Genesis admits to a sharp decline in lending
Recent months have brought a lot of negative news about the bankruptcies of large cryptocurrency companies. Genesis is also recording negative trends in its business due to the prolonged crypto-winter.
Just last week, key market players such as Argo Blockchain and Core Scientific lost a significant amount of share value. Genesis notes that:
The recap of an economically challenging summer and endless negative news is preventing the market from forming a clear and directional momentum that will be able to trigger growth. Nevertheless, the company is ready for a long crypto-winter and all its huge negative factors.
At the end of Q3, Genesis' loan volume declined 79% to $8.4 million. Notably, this figure remained uncommented by the company. Moreover, in August, September, and October several TOP managers left Genesis.