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Crypto trader Genesis acquires Qu Capital to bolster trading technology

Fri, 20 Sep 2019, 05:08 am UTC

Cryptocurrency trader and lender Genesis Trading has made its first-ever acquisition, the company said in a press release.

As per the announcement, Genesis has acquired the assets of Qu Capital, a New York-based quantitative investment and research firm. The terms of the deal have not been disclosed.

Founded in 2017 by Alex Price, Lucas Schuermann, and Edward Yu, Qu Capital has developed state-of-the-art trading technology including faster exchange connectivity, improved order routing, and advanced execution tools, and conducted quantitative research on the digital currency market.

Genesis said that the acquisition will bolster its trading technology and quantitative research capabilities. As part of the acquisition, it has hired Lucas Schuermann, Edward Yu and one junior staff member at Qu Capital, CoinDesk reported.

"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," said Michael Moro, CEO of Genesis. "This acquisition is the latest effort to bolster our technology capabilities and intellectual firepower in order to better serve clients in an increasingly competitive marketplace."

Pat DeFrancesco, CTO of Genesis, said that they will add the Qu Capital tools, which incorporate machine learning and other advanced methodologies, into Genesis’ existing technology stack and new product offerings.

Genesis is a broker-dealer registered with the SEC and FINRA. It facilitates trades for institutional investors and high net worth individuals looking to buy or sell large sums of digital currencies. Genesis provides liquidity to its trading partners, along with same-day settlement, 24/7 trading, and deep institutional expertise.

In 2018, Genesis launched its lending business, Genesis Capital, to provide a platform for borrowing and lending digital currencies.

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