Genesis Trading First Licensed Cryptobroker

Updated: 08/05/2015 23:26
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Learn about the rebranding and relaunch of former Second Market division renamed to Genesis Trading, interview with CEO Brendan M. OConnor
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The former subdivision of SecondMarket, dealing with bitcoin trading, has been relaunched with the new name Genesis Trading. The goal of this company is to become "the partner of choice for large institutional buyers and sellers" on the digital currency trading market as well as to create its own name in the industry. Since the year 2013 Genesis Trading, which is as reported the first and only fully licensed crypto-broker in the USA, has made deals for the amount of nearly 800000 bitcoins.

The former subdivision of SecondMarket, dealing with bitcoin trading, has been relaunched with the new name Genesis Trading. The goal of this company is to become "the partner of choice for large institutional buyers and sellers" on the digital currency trading market as well as to create its own name in the industry. Since the year 2013 Genesis Trading, which is as reported the first and only fully licensed crypto-broker in the USA, has made deals for the amount of nearly 800000 bitcoins.

"We have been working toward this launch for a long time and this is a very exciting day for our entire team. Our goal is to become the partner of choice for large institutional buyers and sellers who are beginning to recognize the economic potential of digital currency," said Brendan M. O'Connor, CEO of Genesis Trading.

Having the discussion with Financial Times O'Connor admitted the idea was to attract large hedge funds and private investors, who have proved to show interest towards the bitcoin trading.

"This idea you can have two parties that don't know each other come together and have a seamless, frictionless transaction at very little to no cost, in a decentralized environment, is revolutionary," argued O'Connor. "Institutional interest is going to continue to grow."

As O'Connor says, Genesis Trading company, fully owned by Digital Currency Group (DCG) allows investors buying and selling large crypto currency blocks, including the blocks of bitcoin, litecoin and Ripple, being strictly adhere to meeting severe requirements to fight the legalization of fraudulent incomes and launches the process called "Know Your Client".

In July 2014 Barry Silbert, the founder and CEO of SecondMarket company quit from his post to become totally involved into Bitcoin projects. In October 2014 he announced opening the Digital Currency Group, which is a "multi-faceted company focused on the development of the digital currency," managing the Grayscale Investments department - organization, which manages assets in the digital currency.

Here are the words of Mr. Silber concerning he re-launch of Genesis Trading:

"Digital Currency Group is focused on launching and investing in the ground-breaking digital currency companies that will shape the future of financial services. As the leader in institutional-focused digital currency trading, Genesis will be a key piece of the industry’s infrastructure for years to come. We are thrilled to continue to work with Brendan and his team to bridge the gap between the bitcoin community and Wall Street."

Taking into consideration the growing number of bankers, who started their work in the growing rapidly Bitcoin industry, it is getting clear Silbert is not the only entrepreneur, interested in making good relationships between the investment community and bankers from Wall Street.

In the year 2015 the image-building group Wall Street Bitcoin Alliance, the Executive Committee of which includes Christian Martin, the TeraExchange CEO. The goal of this group is "guiding and promoting comprehensive adoption of digital currency and blockchain technology across financial markets." The group founder ,Ron Quaranta, strongly believes Bitcoin and blockchain technologies are now ready to now more involved into creating the "Finance 2.0".

After the Genesis Trading rebranding, some latest news from another mutiple transaction enterprise owned by Silbert in the sphere of Bitcoin, Bitcoin Investment Trust. As early as in March it became the first bitcoin fund.


About the author

Nicole Berger has over seven years experience writing and editing for online and print media. She has held various editor and associate editor positions in some of forefront independent media publications. A consistently dependable team player, I thrive in a high-pressure environment, enjoy the challenges of meeting deadlines and managing a team, and am comfortable researching, writing and editing on a wide range of topics.
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