Genesis Launches Service To Help Corporate Clients With Crypto

Genesis, a subsidiary of Digital Currency Group, launched the Genesis Treasury service to help corporations navigate digital assets Thursday.

As bitcoin price sentiment remains bullish and institutional interest picks up, corporations are beginning to understand that they need digital assets on their balance sheets, Genesis CEO Michael Moro said. 

“We’re now fielding calls and inbound inquiries from companies everywhere, trying to ask ‘how do I do this? And how can you help me,’” said Moro. “I wasn’t expecting publicly traded companies to call up, wanting Bitcoin on their balance sheets, but that’s exactly what’s happening.” 

Corporations may see value in gaining exposure to digital currencies, but they have concerns about the asset class, Moro said. Most corporate treasury departments have little experience working through the tax, accounting, custody and legal issues that come with holding digital assets. 

“If you were to keep your treasury in U.S. dollars, that is one of those instruments that is pretty much guaranteed to lose value over time,” said Moro. “Bitcoin is an alternative to that.”

Corporations view digital assets far more favorably now than in the past, Moro said. It was once considered irresponsible for businesses to put bitcoin on their balance sheets, but today the opposite is true. 

“It is completely night and day in terms of the corporate sentiment toward bitcoin,” said Moro. “I think people feel more comfortable with it.”