Drew Angerer/Getty Traders and financial professionals work ahead of the opening bell on the floor of the New York Stock Exchange (NYSE), April 5, 2018 in New York City. After a chaotic trading day on Wednesday, the Dow opened up over 150 points on Thursday morning. Markets continue to be on edge due to concerns over a potential trade war between the U.S. and China.
- Genesis Trading is hiring an overnight trader to help the firm meet demand out of Asia.
- The new hire might be a precursor to the firm setting up shop on the continent, CEO Michael Moro told Business Insider.
Genesis Trading, a New York-based cryptocurrency trading firm, is hiring an overnight trader to meet demand from clients in Asia as it weighs whether or not to expand onto the continent.
The company, which trades cryptocurrencies such as bitcoin over-the-counter, is looking to hire someone to sit on the desk from 7 p.m. to 7 a.m., according to a job advertisement.
Genesis Trading was one of the first trading firms to jump on the bitcoin bandwagon. The company spun-off from SecondMarket's cryptocurrency trading desk in 2015. It recently has launched a new lending business which has attracted more than 60 clients, including market making firms and cryptocurrency hedge funds.
Chief executive officer Michael Moro told Business Insider in an interview that the new overnight trader will address new demand out of Asia.
"We've always traded in the off hours, but it was always by appointment," Moro said. "We'd have someone awake to deal with a certain client and then go back to bed."
Moro said the addition of the overnight trader could be a precursor to the firm expanding into Asia.
"I'm still trying to figure out is whether I need an entire trading operation in London or Tokyo, or just a salesforce to do business development, with a 24/7 hour trader in New York," he said.
Moro said the firm is leaning towards option B, for now.
Asia, specifically Japan, has become a big market for cryptocurrency trading. 40% of bitcoin trading from October to November was conducted in yen, according to a Nikkei report cited in a Deutsche Bank note. The country was among the first to designate bitcoin as a legal tender and it has one of the most well-established and supportive regulatory environments for cryptocurrencies.
Circle Trade, another cryptocurrency trader, is also enjoying a boom in over-the-counter trading markets. It recently expanded its operations in Asia, Bloomberg reported.
DRW's Cumberland has also set up a cryptocurrency desk in Asia.
Cryptocurrency trading in OTC markets is rising, while volumes across retail exchanges have tanked as interest in bitcoin markets has fizzled in recent months. Per data from CoinMarketCap, 24-hour trading volumes are down to about $25 billion a day from all-time highs near $70 billion at the beginning of the year.
