Earlier than the market downturn, lending was massive enterprise for the crypto trade. Celsius, generally known as a “neobank,” accrued over $11 billion belongings on its platform. BlockFi, which lately filed for Chapter 11 chapter safety, had been valued at $3 billion simply final 12 months. Genesis, a Wall Avenue-facing agency owned by CoinDesk’s guardian firm, Digital Foreign money Group, had $2.8 billion in energetic loans on the finish of the third quarter of this 12 months (down from $11.1 billion the identical quarter a 12 months earlier).
