Cryptocurrency News

Genesis Expands with first-ever Acquisition over Qu Capital to Enhance its Trading Technology

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Genesis Global Trading (Genesis), a prominent firm in digital currency trading and lending is stepping further to acquire the assets of Quantitative Investment and research firm Qu Capital. The move is supposed to strengthen the trading technology and quantitative research of the firm.

The acquisition terms and conditions have not been disclosed so far.

Genesis and Qu Capital

Genesis Global Trading (Genesis) has been a pioneer into the business of providing two-sided liquidity for traders in digital currency since 2013.

With the growing assets of its lending subsidiary Genesis Global Capital, the company holds total assets of $2.3 billion and is regulated as a broker-dealer under SEC and FINRA.

Qu capital, founded in 2017 by Alex Price, Edward Yu, and Lucas Schuermann, is the New York-based Hi-tech quantitative investment and research firm.

Qu Capital has expertise in digital trading technology. It traces and identifies incompetence in trading across digital asset market and provides advanced technological solutions for speedy exchange operations.

Though the deal conditions have not been revealed, reportedly two of its three founder members will join Genesis along with one staff member from their employee’s team.

Qu capital – on Acquisition

No official statement from the Qu Capital hasn’t been released so far, apart from a brief mention on their website about the acquisition deal.

However, Genesis CTO, Pat DeFrancesco has remarked that they will merge the state of the art technology from Qu Capital into their system, which will make their system more adept to offer more products.

Genesis Progress graph

Genesis is running high on its expansion plans. Recently in July, it employed four new members at the top management level and has expressed its expansion plans in Europe. The recruitments were done in legal, business developments and technology operations including the appointment of the new CTO.

While confirming about the deal, Michael Moro, Chief Executive of Genesis said,

“We have been very impressed with the Qu Capital team and believe they will provide key technology enhancements that will benefit our trading and lending clients.”

He further added,

“This acquisition is the latest effort to bolster our technology capabilities and intellectual firepower to better serve clients in an increasingly competitive marketplace.”

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