Crypto lender Genesis saw loan origination fall 79% quarter-on-quarter in the third quarter

Crypto lender Genesis reported a sharp decline in loan origination and transaction volume in its third quarter report on October 29. During the third quarter (July 1 to September 30), Genesis's loan origination fell to $8.4 billion, down 79% from $40.4 billion in loans in the second quarter. Volume on the Genesis platform also fell, with spot trading down 44 percent to $9.6 billion in the third quarter from $17.2 billion in the second quarter. "Given the adversity of the current macro situation, Genesis remains well positioned for the ongoing crypto winter," Genesis said. BlockBeats previously reported that a number of Genesis executives had recently departed, including former CEO Michael Moro in August and former co-head of sales and trading MattBallensweig in September. Former chief risk officer Michael Patchen left in October. Its chief risk officer, Michael Patchen, is also leaving after just three months on the job, sources said.