NEW YORK, August 3, 2021 / PRNewswire / – Genesis Global Capital, LLC (“Genesis”) today announced support for USD Coin (USDC) and ALGO on Algorand, one of the leading Layer 1 blockchain protocols Genesis will be able to seamlessly deploy its USDC and ALGO holdings in Algorand’s Decentralized Finance (DeFi) ecosystem by offering borrowing, lending and the use of these assets as collateral.
Algorand’s network of DeFi applications and infrastructure providers built on Algorand’s blockchain continues to grow rapidly, and this relationship is an important step in expanding market access to traditional and digital asset investors.
“We are delighted to support the Algorand team and the blockchain,” said Matt Ballensweig, Head of Institutional Lending at Genesis. “Growth and adoption of stablecoins have played a significant role in our business over the past year, and we see Algorand’s technology as another positive wind for a growing digital currency lending market. . Genesis will support borrowing and lending in ALGO and USDC on Algorand, and will also accept both assets as collateral against other loans. “
Algorand’s unique Pure Proof of Stake (PPoS) protocol eliminates cost and efficiency issues that currently face stablecoin traders and dapp developers on other networks, allowing users to transact using USDC at a much faster and more affordable rate than other blockchains. Used by more than 700 organizations around the world, Algorand enables the simple creation of cutting-edge financial products, services and value exchange.
“We are delighted that the Algorand ecosystem continues to grow as we work with some of the best providers in the industry to accelerate access to decentralized financial products,” said W. Sean Ford, COO of Algorand. “Genesis’ offering, combined with Algorand’s robust ecosystem and technological capabilities, will introduce new efficiencies for customers and further strengthen the bridge between DeFi and traditional financial applications. “
Genesis Global Capital, LLC is part of the Genesis Group, a premier digital currency brokerage service providing a single point of access to qualified individuals and global institutional investors. The company provides sophisticated market participants with a fully integrated platform to trade, borrow, lend and hold digital assets, creating new opportunities for returns while increasing capital efficiency for counterparties.
Genesis combines unparalleled operational excellence, a seamless user experience, and world-class customer service to deliver the full range of services global investors need to manage their digital asset portfolios.
For more information on Genesis, please visit https://genesistrading.com and follow @GenesisTrading on Twitter.
Algorand is building the technology to power the future of finance (FutureFi), the convergence of traditional and decentralized models into a unified system that is inclusive, frictionless and secure. Founded by Turing Prize-winning cryptographer Silvio micali, Algorand has developed a blockchain infrastructure that provides interoperability and the ability to handle the volume of transactions needed by the challenge, financial institutions and governments for a smooth transition to FutureFi. The technology of choice for more than 700 organizations worldwide, Algorand enables the simple creation of next-generation financial products, protocols and value exchanges. For more information visit www.algorand.com.