12/5/2023 0 Comments Quick hits vegas venture![]() The contagion has reshaped the entire industry, according to Sameer Shalaby, co-CEO of VersiFi, who said that a new market structure will replace what existed in the market for the past two years. The collapse of the TerraUSD stablecoin more than a year ago triggered a chain reaction that eventually toppled many well-known crypto firms including exchange FTX and Genesis. “And now enough time has gone by and with the market starting to pick up, we are definitely starting to see more of our contacts and potential clients express demand for lending, whether that’s needed for market neutral trading, or hedging, or shorting or plain vanilla trading.” “With the potential ETF looming, I think that creates demand,” said Garcia, 39, in an interview. VersiFi, which also announced that it raised $10 million from Wall Street investment firm Hunting Hill Global Capital, anticipates a rebound in lending activity amid the likely approval in the US of exchange-traded funds that hold Bitcoin directly. ![]() (Bloomberg) - Martin Garcia, the former managing director and co-head of trading and lending at now bankrupted crypto lender Genesis Global, has joined VersiFi as co-chief executive officer and will lead the digital-asset prime brokerage firm’s expansion into those services.
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