In a surprising turn of events, Genesis Global Trading’s (GGT) spot crypto trading platform is preparing to close shop. This abrupt decision, communicated via email to their clients, states that business will cease and desist by September 18, with all trades requiring settlement by the crucial date of September 21. The email further asserted that any and all open accounts lingering by September 30 will find themselves closed by sunset.
This is a rather unconventional manoeuvre which compels one to ponder the rationale behind this decision. The email from GGT offered a modest explanation stating it as a ‘business reason’, made voluntarily. For an organisation that adroitly navigated the tumultuous waters of the conglomerate’s crypto lending-induced bankruptcy earlier this year, this current resolution appears to be somewhat out of character.
One might raise an eyebrow at the apparent dichotomy since other Genesis affiliated ventures continue their operations uninterruptedly. Take GGC International Limited, a trading focused entity, for instance. It continues to do business as usual, running spot and derivative trading services.
Despite the mystifying element around GGT’s decision, there’s room for a balanced outlook as well. Maybe Genesis Global Trading is simply recognising the volatile and fluctuating nature of the crypto industry. Perhaps a reassessment of their business model led to the conclusion that the OTC platform’s closure is ultimately favourable for their overall business prosperity.
It is paramount to remember that remaining open to change and adaption is the very ethos of this riveting crypto market. This practice might be embraced by some as part of the healthy functioning of a vibrant and evolving ecosystem.
While the forthcoming closure of GGT is likely to bring about some visible transformations in the crypto landscape, it forebodes neither doom nor gloom. The straights and narrows of the crypto-verse inevitably experience occasional shifts and course corrections. Though operational shifts can be disconcerting for participants, they are nevertheless an inherent aspect of a market that thrives on innovation and constant metamorphosis.
Worth noting, startlingly enough, is that CoinDesk, a leading news source in the cryptocurrency space, comes across as one of the entities that share a parent organisation with GGT. And to witness this evaporating division from such a close distance will undoubtedly be an intriguing event.
As they propound the mantra of ‘adapt or perish’, one can only anticipate how the GGT’s legacy would benefit the larger crypto community and the versatile waves this might generate in the blockchain technology’s future. Rest assured, the locus of the crypto-verse will keep gyrating, throwing up surprises, and continuing its forward march.
Source: Coindesk
