Genesis Global Trading (GGT) has announced that it has been granted the BitLicense by the New York Department of Financial Services (DFS). This means that Genesis can now trade in several digital currencies, including bitcoin (BTC), with its institutional trading partners.
Genesis Global Trading is an industry pioneer and leader in over-the-counter digital currency trading. It now becomes the first New York-based trading firm to receive this license. Until today, GGT has been operating under a “safe harbor” provision with DFS which has enabled it to trade in digital currency.
Genesis facilitates high institutional investors and high net worth individuals who are interested in purchasing large sums of digital currencies. As a regulated trading partner, Genesis offers multiple benefits to the partners. Some of these benefits include deep pools of liquidity to its trading partners, same-day settlement, 24/7 trading, and deep institutional expertise developed from trading billions of dollars in digital assets since entering the industry in 2013.
Michael Moro, CEO, Genesis Global Trading, says that the move by New York Department of Financial Services to rant them the license is a sure confirmation that they have enacted robust compliance measures as an established trading partner.
The coins that Genesis will trade in include Bitcoin (BC), Ethereum (ETH), Ethereum Classic (ETC), Bitcoin Cash (BCH), Ripple (XRP), Litecoin (LTC), and Zcash (ZEC).
Genesis is a broker-dealer that is registered with SEC and FINRA and is a wholly owned subsidiary of Digital Currency Group. DCG play a pivotal role in the blockchain industry and controls Bitcoin. It has heavily invested in more than 30 countries across the globe.