April 16, 2015 / 4:00 PM / 4 years ago

Bitcoin-focused firm rebrands broker-dealer for digital currencies

NEW YORK, April 16 (Reuters) - Digital Currency Group, a New York-based entity founded by bitcoin advocate Barry Silbert, rebranded its broker-dealer division of SecondMarket Inc specializing in trading virtual currencies including bitcoin, according to a press statement on Thursday.

The Trading Division of SecondMarket Inc is now called Genesis Trading and focuses solely on institutional clients such as hedge funds and alternative asset investors, it said.

The rebranded Genesis Trading has executed over $25 billion in the trading of specialized fixed income securities over the last two years, said Chief Executive Officer Brendan O’ Connor.

The division also carried out trades for more than 800,000 bitcoins worth over $300 million, making the company the bitcoin industry’s largest over-the-counter trading desk.

“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,” said O’Connor.

About 90 percent of the volume on the Genesis platform is on bitcoin, and it has done transactions on other alternative currencies such as litecoin.

Genesis weekly volume is between $3 million and $5 million, O’Connor said.

On Thursday, bitcoin is trading up 3.63 percent at $226.52 . (Reporting by Gertrude Chavez-Dreyfuss; Editing by Ted Botha)

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