Genesis Global Trading has been honoured to become the first trading company to be granted a state trading license. The trading firm mainly focuses on institutional buyers and sellers. The platform gives access to block size liquidity for high net worth individuals as well the institutions who are interested in buying and selling cryptocurrencies. The New York Department of Financial Services approved the application and granted them the BitLicense according to an official announcement from the trading company. Litecoin (LTC) and Ripple (XRP) among other several coins have been approved to be the first digital assets to be traded on the high net worth centred exchange.
The BitLicense gives Genesis Global Trading the power to offer buying and selling services of various digital assets, Bitcoin (BTC) included to its institutional partners. Prior to this license Genesis Global Trading operated within a ‘safe harbor’ using DFS that allow cryptocurrency trading to take place. The exchange services have been tailored to meet the needs of institutional clients and high net worth individuals. These clients buy and sell digital assets in large amounts. Some of the services offered by Genesis include deep pools of liquidity, settlement on the very day, 24 hours 7 days a week trading services not to forget institutional experience and expertise that has come from several years of trading billions of dollars mainly in digital assets.
Michael Moro, CEO of Genesis Trading was very excited about receiving the license, and said:
“We are very pleased that DFS has approved the Genesis Global Trading BitLicense application.” Still, on the same, Moro added, “Although we have operated under a safe harbor provision in recent years, today’s decision is an important step forward and reaffirms the robust compliance measures we have enacted as an established trading partner.”
Genesis is registered with the Securities and Exchange Commission (SEC) as well as FINRA as a broker-dealer. It is a fully-owned subsidiary of Digital Currency Group (DCG). DCG is a company that has deep roots in both Bitcoin and the blockchain industry having investments spanning over 30 countries across the world. It is also the parent company of Grayscale Investments: One of the largest asset managers in the virtual currency space as well as CoinDesk, which is a leading media and events company.
The trading firm has been approved to offer trading services starting with several assets. For instance, Genesis Global Trading will commence trading with Ethereum (ETH), Ethereum Classic (ETC), Bitcoin Cash (BCH), Zcash (ZEC) and the earlier mentioned coins Ripple (XRP) and Litecoin (LTC).
In other news related to Litecoin (LTC), the cryptocurrency could soon be added to Coinbase’s Toshi app. The news was relayed by the CEO, Charlie Lee, who told his flowers on Twitter
“but I always thought it was missing something… Litecoin! They plan on adding LTC to Toshi app soon.”
Toshi also communicated to its followers on Twitter and told them to stay tuned, it will be adding support for more cryptocurrencies. The official blog post by Toshi read:
“We’ve heard you, and want to let you know that we’re working on adding support for other cryptocurrencies available on Coinbase — Bitcoin, Bitcoin Cash, and Litecoin — to Toshi! We don’t have an official release date yet, but will keep you posted as we get closer to launching support.”
This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.