There’s always a first time for something – and now the industry’s first digital currency broker-dealer has opened its doors.
Genesis Trading, a wholly owned subsidiary of Digital Currency Group and a division of the broker-dealer SecondMarket, has just opened its doors and launched itself as the first U.S. broker-dealer to specialize in the trading of digital currencies, including bitcoin.
“Our goal is to become the partner of choice for large institutional buyers and sellers who are beginning to recognize the economic potential of digital currency,” said Brendan O’Connor, chief executive officer at Genesis Trading.
Based in the heart of New York’s Flatiron District, Genesis Trading will continue to occupy space in its current location at 636 Avenue of the Americas, along with its parent company, DCG.
Genesis Trading is the rebranded trading division of SecondMarket, which has been an intermediary in specialized fixed-income trading. To date, the firm has executed over $25 billion in fixed income securities.
Since 2013, the division also executed trades for more than 800,000 bitcoins worth more than $300 million, making the company the bitcoin industry’s largest over-the-counter trading desk.
“We have been working toward this launch for a long time and this is a very exciting day for our entire team,” O’Connor added. “We look forward to bringing the same level of professionalism to this game-changing, new asset class.”
Genesis Trading is an SEC licensed broker-dealer regulated by FINRA and the SEC.
SecondMarket was founded by Barry Silbert, who also was the creator of the Bitcoin Investment Trust, and the Bitcoin Opportunity Corp. According to onemedia report, Silbert has been immensely interested in bitcoin and digital currency over the past two years. Back in July of 2014, Silbert announced that he would be stepping down from his role as CEO at SecondMarket to focus exclusively on his bitcoin projects, such as DCG.