Genesis Expands Digital Currency Lending Service
Posted by Colin Lambert. Last updated: August 5, 2021
Genesis Global Capital has unveiled support for USD Coin (USDC) and Algo on Algorand, a layer-1 blockchain protocols. Genesis will be able to deploy its USDC and Algo holdings across Algorand’s decentralised finance (DeFi) ecosystem by offering borrowing, lending and use of these assets as collateral.
The firms say the network of DeFi applications and infrastructure providers built on Algorand’s blockchain continues to grow rapidly, adding this relationship is “a significant step” in expanding market access to traditional and digital asset investors.
“The growth and adoption of stable coins has played a big role in our business over the last year, and we see Algorand’s technology as another tailwind to a fast-growing digital currency lending market,” says Matt Ballensweig, head of institutional lending at Genesis. “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 pure-proof-of-stake (PPoS) protocol eliminates the cost and efficiency challenges currently faced by stablecoin traders and dapp developers on other networks, it claims, enabling users to transact using USDC at a faster and more affordable rate than other blockchains.
“The Algorand ecosystem continues to expand as we work with some of the best providers in the industry to accelerate access to decentralised financial products,” says Sean Ford, COO of Algorand. “Genesis’s offering, combined with Algorand’s robust ecosystem and technological capabilities, will introduce new efficiencies to clients, and further strengthen the bridge between DeFi and traditional financial applications.”