Genesis Global Trading Receives BitLicense from the State of New York
Genesis Global Trading, a subsidiary of Digital Currency Group, announced earlier today that it had received approval from the New York Department of Financial Services (DFS) for a BitLicense.
The BitLicense allows Genesis to trade several cryptocurrencies, including bitcoin, Ethereum, Bitcoin Cash, and Ripple, with its institutional trading partners. Those partners include high net worth individuals, Wall Street-based hedge funds, and major investment firms.
Genesis is a broker-dealer that’s already registered with the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA). The New York-based exchange has previously operated under a “safe harbor” provision. Now, Genesis has official approval to trade an extensive range of cryptocurrencies with institutional firms.
The announcement paves the way for fully-regulated bitcoin trading on Wall Street. Institutional investors can now use Genesis for their institutional trading needs while operating in a fully-compliant environment.
Genesis now becomes the first New York-based trading firm to receive the license. The BitLicense allows Genesis to trade bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), and Zcash (ZEC).
Genesis’s institutional trading platform is catered towards high net worth individuals, hedge funds, and investment firms. These groups need a reliable and compliant platform on which they can purchase large amounts of cryptocurrency. Genesis aims to cater to those investors with its deep pools of liquidity, same-day settlement, 24/7 trading, and deep institutional experience.
Since launching in 2013, Genesis has helped institutions trade billions of dollars in digital assets. The company’s highest-volume trading days, however, may still lie ahead.
You can read the full press release announcing Genesis’s BitLicense here.