The global over the counter (OTC) cryptocurrency trading firm, Genesis, has made the first acquisition recently according to the reports. This trading firm has bought out New York-based quantitative and research trading firm, Qu Capital to strengthen and boost the trading technology, which includes improvement of order routing and advanced tools for execution.
The CEO of Genesis, Michael Moro, said that in this increasingly competitive marketplace, their latest effort is the acquisition to boost their capabilities and intellectual firepower of technology to serve their clients in a better way. No terms of the deal are disclosed yet.
Pat DeFrancesco, the CTO of Genesis, said that their firm would use the tools of Qu Capital that help in incorporating machine learning and other advanced technologies into existing stack technology and offerings of the new product.
Qu Capital is focusing on applying state-of-the-art statistical techniques. Such methods can be used to identify as well as trade the efficiencies across the asset classes.
Recently, Moro said that the Genesis is planning to develop an integrated platform to trade and lend through one clickable GUI. Now, the users will get the lending rates by an application programming interface so that there is no need to call or email the firm.
In July, Genesis boosted the leadership team by hiring 4 new people and announcing the plans of expansion in Europe. The new appointments, including the CTO, were across the technology, legal, and business development functions.
It remains unclear with the recent acquisition that the Genesis will absorb in the staff of Qu Capital. On the LinkedIn page of the firm, there are only 9 employees including 3 co-founders Alex Price, Edward Yu, and Lucas Schuermann of Colombia University.
Genesis’s lending arm, known as Genesis Global Capital, has been running successfully. According to the recent reports, the firm added a loan of $746 million of cryptocurrency in the second quarter. The total originations come up to $2.3 billion since March 2018 when the company was launched. At that time, Genesis expected continued growth for the rest of the years.