VersiFi hires ex-Genesis exec and secures $10m to revamp crypto lending

VersiFi appoints former Genesis executive Martin Garcia as co-CEO and secures $10 million in funding to drive crypto lending services.

VersiFi, a New York-based digital asset prime brokerage, has announced the appointment of former Genesis Global executive Martin Garcia as its new co-CEO. This strategic move comes as the company looks to expand its lending and trading services, with Garcia set to lead this initiative. VersiFi also secured $10 million in funding from the Wall Street investment entity Hunting Hill Global Capital.

You might also like: Genesis and 3AC reach $33m settlement in billion-dollar claim

In an interview with Bloomberg, Garcia expressed optimism about the industry’s prospects, emphasizing that the anticipated approval of Bitcoin ETFs has increased lending demand. The crypto lending industry has undergone significant changes following a series of high-profile collapses in the sector, including the downfall of FTX and Genesis. These events have led to a reevaluation of industry practices.

VersiFi is aligning its regulatory strategy with these industry shifts. The company is currently pursuing registrations in the British Virgin Islands and plans to launch its expanded lending and trading operations in the first quarter of the upcoming year. This development marks a significant step in VersiFi’s growth and its adaptation to the evolving landscape of digital asset finance.

Read more: Bloomberg analyst reveals realistic approval date for Bitcoin ETF

Source