SecondMarket Inc, the broker-dealer division of Barry Silbert's Digital Currency Group, has rebranded as Genesis Trading.
The division targets exclusively institutional clients such as hedge funds, offering over-the-counter (OTC) access to alternative assets. It reportedly traded more than $25 billion worth of fixed income securities over the past two years. Also traded are bitcoins, of which it has traded a quantity of roughly 800,000, valued roughly at $300 million. Approximately 90% of the firm's trading is currently with bitcoins, and it reportedly trades in litecoin.
The new division will now focus exclusively on Bitcoin trading, and claims to be the only fully-licensed broker-dealer specializing in the digital currency. The team has 10 members, including traders and support staff.
Chief Executive Officer Brendan O' Connor said:
"Our goal is to become the partner of choice for large institutional buyers and sellers who are beginning to recognize the economic potential of digital currency."
His goal is to target "North of 50" hedge funds and other private investors who have shown an interest in dealing in bitcoin.
Earlier this year, Silbert's Bitcoin Investment Trust (BIT) was reportedly approved for public trade on the OTC markets, the final date for launch still to be determined. The new security would allow investors to gain direct exposure to bitcoin prices in a regulated venue, without having to worry about physically holding onto the digital assets.
