The former bitcoin trading division at SecondMarket has relaunched as the Digital Currency Group’s (DCG) latest subsidiary, Genesis Trading.
Advertising itself as the first regulated broker-dealer in the US to specialize in bitcoin, Genesis is the latest development at Barry Silbert’s increasingly active organisation.
The trading firm offers institutional and private investors a way to buy and sell large blocks of digital currencies such as bitcoin, litecoin and ripple, a specialty its team honed sourcing bitcoins for SecondMarket‘s private investment vehicle, Bitcoin Investment Trust.
Genesis CEO Brendan O’Connor suggested that the launch represents more of a rebranding than a formal market debut, given Genesis Trading’s established history in the space.
He told CoinDesk:
“We have been trading since 2013. Within our space, the numbers that we have done make us the largest over-the-counter (OTC) market maker out there, so this is our opportunity to market ourselves to the world. Prior to this point, we haven’t really been able to do that.”
The 10-person team will continue to operate as the authorized participant for the Bitcoin Investment Trust, the sponsor that obtains the underlying assets needed for the fund.
O’Connor went on to express his belief that the firm is the first broker-dealer in the