Ace vs. Ace: A cross-ocean dialogue between senior players in Bitcoin mining and finance from the East and the West

Over the past decade, the cryptocurrency sector has experienced explosive growth and expansion. As an upstream support area for cryptocurrency network consensus, the mining industry can be regarded as a barometer of the industry's rise and fall. As an industry integrated marketing service provider, Winkrypto, together with first-tier mining companies, launched the "World Digital Mining Conference" (World Mining Conference) on April 16, bringing together industry practitioners and opinion leaders to discuss prospects and strengthen confidence.

At 8 pm on April 17th, Beijing time, the third episode of Crypto Tonight "Ace vs. Ace: Overseas Lending Funds Dialogue with Chinese Mining Tycoons" was successfully broadcast as a special session of the World Mining Conference. Yama invited 10 senior players in the fields of cryptocurrency mining and finance. The guests raised questions about Bitcoin mining or finance and lending from their own perspectives. Finally, the guests expressed their views and opinions on "global high-quality institutional cooperation."

Su Zhu and Zac Prince attended the first Crypto Tonight show and are old friends of ChainNews. The F2Pool, Wayi, Bixin, Biyin, and Slush Pool invited to this show are all top mining institutions in the industry, and CyberX, Three Arrows Capital, BlockFi, and Genesis Global Capital are also the number one players in various industries in the cryptocurrency financial field.

The key highlights of this episode are:

• Biyin CEO: Mining and crypto financial business will be expanded this year

• Su Zhu: Crypto lending markets usually do not have "re-mortgage", so waterfall defaults are unlikely to occur

• Genesis Sales Director: The speed of the March 12 shock was uniquely challenging, but no funds were lost or defaults were encountered

• Wang Chun: We are considering building a completely decentralized mine in Antarctica

To view the full program video, please click here to replay. Below is the text record of the entire program, which has been edited.

Good evening, good afternoon, and good morning! I’m Yama. Today’s Crypto Tonight is a special episode organized in conjunction with the World Digital Mining Conference hosted by Winkrypto. Tonight, I can use the word “mining” as many times as I want!

Let us warmly welcome the heavyweight guests from the global crypto finance and digital mining industries, as well as media friends from Coindesk. Each guest has a very interesting story to share with the audience.

Personal Introduction

Zac Prince: My name is Zac Prince, I am the founder and CEO of BlockFi. I was on the first episode of Crypto Tonight and I am happy to introduce myself to new friends again. My personal background is mainly in technology companies, and my recent experience is mainly in the field of online lending. BlockFi is to build a credit market in the field of cryptocurrency, and the company's vision is to expand on this basis.

We currently provide users with deposit accounts. Users can deposit BTC, ETH and USD/stablecoins and get good interest. We also provide loans to individuals and institutions with cryptocurrencies as collateral, and provide spot trading services without transaction fees. We also have a team of service agencies to provide customized lending services to institutional clients. The BlockFi team is mainly based in New York, and has branches in Argentina and Poland. It will soon open offices in London and the Asia-Pacific region.

Yama: Zac founded BlockFi in 2017, and they manage crypto assets worth about $1 billion. Peter Thiel's venture capital fund Valar Ventures, Fidelity's Avon Ventures, and HashKey Capital have joined your investor camp.

Pan Zhibiao: My name is Kevin, Chinese name Pan Zhibiao, I am the founder and CEO of Biyin Mining Pool. I am a technical person with a background in big data and I used to work at Baidu. I started to notice Bitcoin in 2012. After half a year of research, I decided to quit my job and devote myself to Bitcoin. I am one of the early contributors to Bitcoin code and also a miner. Because of my technical background, I am more interested in mining algorithms and protocols.

I founded Biyin Mining Pool two years ago, and it has become one of the world's top three mining pools. For several months last year, our computing power ranked first in the world. However, I was not happy about this, because being the first meant centralization, so I started to develop a decentralized mining protocol. Our mission is to serve the mining industry.

Trust has always been an issue, and mining pools have a very unique position and power in the Bitcoin ecosystem. We have been observing the market throughout 2019 and noticed a lot of crypto-financial products, such as crypto-asset-backed loans and structured products for our miners. In 2020, we will expand our business in two directions: one is mining farms, and the other is crypto-finance.

Yama: I have known Brother Biao for a year. My impression of Brother Biao is that he is very real, honest and reliable. This is also the evaluation I have heard from other people in the industry. He has been all in blockchain for almost 8 years and has never changed his original intention after experiencing so many bear markets. I think this is a true sense of mission. Brother Biao always knows what his most important task is.

Leon Marshall: My name is Leon Marshall and I am the Head of Institutional Client Sales for Asia and EMEA at Genesis. I have been in the financial industry since before joining Genesis. I started my career in finance in 2006 at UBS in the commodities trading department. After the collapse of Lehman Brothers in 2008, I quickly moved to the buy-side, trading metals and crude oil futures.

Before joining Genesis, I spent a year studying for an MBA program in London and New York, and then I decided that I would devote my life to the crypto industry. I split my time as a consultant for a large decentralized project in Berlin and one of the largest crypto data companies in London. It was during that time that I met Barry Silbert, the founder of DCG (Digital Currency Group), who introduced me to Genesis.

Yama: Thanks to Leon, we have a British accent on our show for the first time. I know Leon actually studied Chinese politics at Oxford University and can speak some Chinese. We will give you a chance to practice later in the show.

Wang Chun: My name is Wang Chun, and I am the co-founder of F2Pool. I first read an article about Bitcoin on Slashdot in 2011. I was working on SETI@home, a scientific experiment that uses computers connected to the global network to search for extraterrestrial civilizations. The principle is very similar to the distributed computing of Bitcoin mining, the only difference is that SETI@home is a non-profit project, while Bitcoin can be sold for cash.

I started mining in 2011, I was a miner at that time. Then in 2013, I founded F2Pool with Shenyu. F2Pool currently ranks first in the world in terms of computing power. In the early days, I was strongly influenced by Wikipedia. I created about 20,000 Wikipedia entries in 2004 and 2005. The experience of Wikipedia had a great influence on me, and made me understand how to coordinate work, especially neutral point of view. Neutral point of view is the basic principle of Wikipedia. Neutral point of view is also the way I see the world now.

Xingkong: I am Xingkong, CEO of Bixin. I started mining Bitcoin in 2010 and have always been a loyal believer in Bitcoin. In the past ten years, I have been starting businesses in Bitcoin-related fields. Our Bixin business also revolves around Bitcoin. Currently, there are two main parts, wallets and mining. Bixin wallet is one of the largest Bitcoin wallets in China. All our efforts are to maintain the security of the Bitcoin network and make Bitcoin more useful. I am very happy to meet you here today.

Yama: People in the Chinese Bitcoin community like to call him "Xingkong". I want to explain to Zac and Leon: "Xingkong" means Star Sky in Chinese. You can feel the beauty of space and freedom. I know Xingkong comes from a technical background and specializes in P2P networks. The concept of Bitcoin is actually a P2P payment network. Bixin wallet is one of the most popular domestic Bitcoin wallets in China, and Bixin's mining pool is also one of the largest mining pools in China.

Su Zhu: I am the CEO and Chief Investment Officer of Singapore-based hedge fund Three Arrows Capital. I have worked as a proprietary trader at Credit Suisse, Flow Traders and Deutsche Bank. I became interested in Bitcoin in late 2012/early 2013 when there were arbitrage opportunities in the market. Later, I found out that people were using Bitcoin as a way to transfer money around the world, and that Bitcoin was also a manifestation of digital scarcity. I found it very interesting that Bitcoin has created a complex parallel financial system that has the potential to become even larger in scope and importance.

Yama: Suzhu was also a guest on our first show. Thank you Su, my fans are growing well. Now I have 70 followers... Without you, my fans may be halved... Next is Wang Hao, the founder and CEO of CyberX.

Wang Hao: Hello everyone, my name is Wang Hao, I am the founder and CEO of CyberX. I started in the traditional financial industry, working in the trading department of Goldman Sachs Tokyo office. I studied computer science at the University of Tokyo. Maybe because of my dual background in finance and computer science, I learned about Bitcoin in 2013 and was deeply attracted by this concept.

A few years after I left Goldman Sachs, I teamed up with Jiang Changhao, the current co-founder of Cobo Wallet, to launch the mobile crypto wallet "BiXing" in 2013. BiXing was sold to OkCoin in 2014. After that, I founded CyberX.

CyberX has senior people from Wall Street investment banks such as Goldman Sachs, UBS, Merrill Lynch, and many from fund institutions such as Citadel Investments, AQR, Blackstone, and GSA. We position ourselves as a prime broker or institutional broker in the crypto space, covering the full range of prime brokerage services, including trade execution, OTC, lending, and spot/derivatives market making.

Yama: What a great background! Wang Hao is usually very low-key. This may be his second time speaking in public. We all know that Wang Hao enjoys a high reputation in the industry. People who know him often see Wang Hao busy until three or four in the morning. It really makes me realize that people who are better than you are because they work harder than you. The next one is Li Peicai, the founder of Waiyi Mining Pool.

Li Peicai: Hello everyone, I am Li Peicai, co-founder of Waiyi Mining Pool. You may not be familiar with the name of Waiyi Mining Pool, but we have been working in this field since 2014. Waiyi provides mining machine hosting and cloud mining services to global customers, and also sells mining machines around the world.

We are now expanding our business to crypto-asset-collateralized lending and OTC transactions to better serve our customers. We have served more than 1,000 customers so far and managed more than 250,000 mining machines.

Unlike Biaoge and Wang Chun, I don’t have any technical or financial background. My major in college was chemistry, but this did not affect my fascination with the cryptocurrency industry in 2013. I was also a miner at the time. I have a strong belief in crypto assets.

Yama: I know Peicai worked part-time on the LocalBitcoins trading platform in 2014, selling about 3,000 mining machines every month. At that time, an American customer chatted with Peicai online for half an hour and immediately paid Peicai 300 bitcoins to place an order. The price of bitcoin was around $1,000 at the time, which was amazing. This is the charm of credibility. Cross-border trust and counterparty risk will be one of the main topics we discuss tonight. The next special guest is Jan, co-founder of Slush Pool.

Jan Capek: I am a software engineer focusing on embedded systems running real-time operating systems such as FreeRTOS. I co-founded Braiins with Pavel Moravec in 2011. Since 2013 we have been running Slush Pool full-time.

In addition to this mining pool, we also developed our own ASIC firmware Braiins OS, which was the first fully open source ASIC firmware ever and the first firmware to support AsicBoost, back in 2018.

Recently, we started the Stratum V2 upgrade project and developed an open source replacement for CGminer, which we call BOSminer. Everything we are doing is part of our goal to make the Bitcoin mining stack, from device firmware to mining pools, more open and standardized.

Yama: Thank you Jan for participating in this program. I really want to get a Slush Pool T-shirt. Please remember to give one to Wang Chun. I heard that he also admires Slush Pool. Finally, let us invite the media observer guest, Paddy from Coindesk, to introduce himself.

Paddy Baker: I'm Paddy Baker, a London-based reporter for Coindesk, formerly of Crypto Briefing. Great to be here.

You ask me, I answer

CoinIndonesia’s Pan Zhibiao asked Zac Prince

I want to ask a question about cross-border trust. I know that BlockFi is one of the most watched cryptocurrency lending platforms in Europe and the United States, and it has developed so rapidly. You recently received a Series B financing led by Valar Ventures, a well-known venture capitalist Peter Thiel. Great. How can we work with you to ensure the safety of collateral? At Blockfi, can you provide a segregated address for our collateral?

Zac Prince: At BlockFi, we leverage Gemini’s custody solution, which includes cold storage, insurance, and EY SOC2-certified audits. Collateral is not held in a segregated address, but we have strong operational controls and security procedures to ensure the safety of funds.

We have a perfect record of no loan losses or capital losses in the past three years. In addition, we are registered and strictly regulated in the United States. For institutional counterparties, we are able to provide audited financial data annually and more regularly provide monthly financial data to reassure institutional investors.

Zac Prince asks Li Peicai

Hello Peicai, what are your requirements for credit business? Which credit institutions do you think can provide better services for your business?

Li Peicai: First of all, we must put safety first. In terms of counterparty risk, we can only make a little money from lending services, so if the price of the collateral Bitcoin rises 5 times like in 2017, and the lender disappears or is hacked, it means we lose the collateral and we may go bankrupt. Therefore, we need lenders to provide us with risk-free Bitcoin storage methods. Currently, we only use multi-signature solutions. The collateral needs to be managed by 2/3 multi-signatures by the lender, the borrower and us.

In addition, we hope that the rate is lower. Lenders can charge us a relatively low interest rate. Our interest rate is around 7%. If the lender gives us an interest rate lower than 7%, we are certainly very interested, of course, under the premise of a reasonable loan-to-value ratio.

Yama: I believe BlockFi will have a lot of cooperation with Wayi... Multi-signature seems to be a solution, but in my personal experience, it is not the best solution. It feels like going from point A to point B. What I need is not a fast horse, but a Tesla or a Toyota. We will discuss this issue more in the future program.

Digging Yi Li Peicai asked Suzhu

Compared with other financial businesses, cryptocurrency lending is more active. Many exchanges and wallets are actively involved in this type of lending business. What do you think are the potential risks of this business? Are there systemic risks? How can we develop this industry in a more stable and robust way?

Suzhu: I think there are a lot of misunderstandings about the crypto lending market right now. Essentially, BTC generates interest for two main reasons: first, derivatives traders arbitrage through the spot market; second, BTC miners want to pay USD or RMB fees without selling their BTC.

One of the misconceptions is that borrowers/lenders have a lot of re-collateralization, and any error in any link can lead to a waterfall of defaults. In fact, this is not the case. For us, there is usually no middleman at all, just Bitcoin whales lending directly to us end users (that is, trading institutions), or at most there is only one middleman in between.

The goal of the lending market should not be to lend to many companies, but rather, as with other asset classes, to work with a few trusted, high-quality, and transparent borrowers.

Suzhu asked Pan Zhibiao about currency printing

As one of the world's three largest mining pools, how do you think miners should hedge and manage risks? What do you think the market will look like after the Bitcoin halving, and will the interest in risk hedging increase or decrease?

Pan Zhibiao: Most miners mine and then sell coins. In fact, in 2019, many large new mining farms with financial backgrounds entered this field. They adopted different hedging and lending strategies.

For example, they can sell the bitcoins they mine in the future, or sell the existing bitcoins in the future, thereby gaining time value. Most miners in China still need to learn a lot about financial products.

I think that before or after the halving, for the long-term interests of miners, what they need is never liquidated loans or zero interest loans, which require the support of multiple options and futures derivatives strategies.

I think they also have a high demand for safe, interest-earning structured products, and they don't trust the existing exchanges in the market.

Yama: I feel that the market focus will soon shift from spot to derivatives this year. The contribution of miners will be very obvious. Especially in China, there is a very large Bitcoin community.

CyberX Wang Hao asked F2Pool Wang Chun

What impact will Bitcoin halving have on F2Pool and the mining industry?

Wang Chun: F2Pool mined the first halving block in 2016, and I will personally witness the Bitcoin halving for the third time.

Honestly, I have a lot of concerns after watching this market for nearly 10 years. The market crash on March 12 saw Bitcoin hit a low of $3,800. If the price continues to be this low, many miners will be forced to shut down their machines and users will see that it takes longer to execute transactions. Fortunately, the price of Bitcoin has now recovered to around $6,000-7,000.

Another worrying issue from a long-term perspective is that after multiple halvings, Bitcoin rewards become less and less, what if someone tries to attack the network by paying extremely high transaction fees…

F2Pool Wang Chun asks Leon Marshall

Hello Leon, nice to meet you. I don't know much about Genesis, can you explain Genesis's business to me?

Leon Marshall: We operate a brokerage firm in New York, regulated by the SEC and FINRA, and have been trading crypto for seven years. In 2017, we saw a lot of clients needing to enter the market to hedge shorting Bitcoin and other cryptocurrencies. This ultimately led us to build a true institutional-grade spot lending business. We officially launched the service in March 2018.

Last month, March 12th and 13th were truly historic, March was our busiest month ever. During the most turbulent times of that week, we continued to price and execute lending for our clients while maintaining sensible risk management. We continue to see very strong two-way trading flows.

On the lending side, we witnessed a huge stress test, not only for our risk management systems, but for the industry as a whole. Starting on Sunday of that week, we saw early signs that market conditions were changing significantly, with a 30% drop in crude oil prices, followed by a huge stock market correction.

One of our priorities was running stress tests to ensure we had enough liquidity to withstand this type of volatility. Another focus was ensuring we had enough collateral so that the loans we issued were strongly backed. We would issue a margin call, take the collateral, and only a few hours later issue another margin call to the same client. A strong risk team was constantly thinking through scenarios and envisioning situations like the one we faced in advance. This preparation and financial market experience definitely went a long way in helping to manage market shocks.

Leon Marshall Ask Bixin Starry Sky

Genesis has seen very strong demand for crypto-backed stablecoin loans over the past 18 months. Asian customers have been critical to this growth. What are your thoughts on the growth in the stablecoin market cap this year, and how are you packaging these products into the BiXin wallet for your customers to use?

Starry Sky: People need a trading tool that can promote the liquidity of the cryptocurrency market, so the market value of stablecoins has been growing, and Asians are more familiar with using stablecoins to trade cryptocurrencies, and USDT is also the first choice for most people. Tether has an absolute advantage in the stablecoin market and can be regarded as a monopoly on the stablecoin market. After all, it accounts for more than 70% of Bitcoin transactions. But this monopoly effect will bring bigger problems. With such a huge market share of USDT today, if Tether has any problems, the Bitcoin market will inevitably be greatly affected. The problem here refers not only to the company's internal management and operation, but also to the supervision from institutions and governments.

Therefore, Bixin launched USDS, a coin-based stablecoin, to return liquidity to BTC and to share the risks of the stablecoin market as a better trading and accounting tool. USDS has been successfully running in the Bixin wallet for a month, and it has also demonstrated its capabilities in one-click flash exchange, leverage, and lending. Since there is a demand for stablecoin lending in the market, USDS can provide users with lower interest rates and better liquidity.

Bixin Xingkong asked CyberX Wang Hao

The outbreak of the COVID-19 pandemic devastated global financial markets a month ago. The mining industry has also suffered a severe blow, with many miners forced to close their mines due to financial deterioration. As a team with a strong background in financial markets, what do you think miners can do to protect themselves from the impact of the market crash?

Wang Hao: The cryptocurrency market is very volatile. If your business is directly related to the token price, it feels like a roller coaster. Miners are burdened with large fixed costs and often operate at a high operating leverage.

High leverage can bring high profits during market booms, but it can easily eat up profits when the market goes down. Therefore, good financial control or cash flow management is crucial for miners.

In mature commodity markets, most businesses hedge their future revenues or costs against commodity prices by using various hedging instruments. This is the only way to protect their daily operations from any unexpected price fluctuations. CyberX has been working to help our partners in the mining space by providing customized hedging products using futures, options or swaps. We believe that this will not only protect miners but also help the industry grow healthily in a sustainable manner.

Recently, more and more miners have asked us about hedging tools. This is a good sign because it means that miners are no longer inclined to earn excess returns through speculation, but are taking a long-term view and being more cautious in maintaining financial stability.

In addition, because we handle the largest volume of trade flows in the market, we also see more market insights than other market participants, and we are happy to share these with our clients.

Suzhu asked Jan Capek

Do you think computing power derivatives or transaction fee derivatives can achieve liquidity and high trading volume?

Jan Capek: Given the limited scale of mining operations and the trend towards increasing specialization over the past few years, it seems inevitable that miners will want to obtain these tools to hedge their risks, so there is a lot of demand for hash rate derivatives in the market. However, whether these derivatives can gain trading volume is another question...Betting on future mining difficulty and transaction fees is completely different from simply betting on asset prices. Who will take the opposite bet from the miners? In other words, who dares to bet that mining difficulty will decrease, or that mining difficulty will increase by less than miners expect? Who dares to bet that transaction fees will increase by less than miners expect? For me, only the miner market is clear, while the other side of the market still lacks clarity.

Topic Discussion

Yama: How can we cooperate with high-quality institutions around the world to improve the market together? Please share your views one by one. Let's start with trading institutions. Suzhu and Wang Hao, what do you think?

Suzhu: Three Arrows was founded in 2012 as a regulated hedge fund focused on market neutral arbitrage trading. Because we are an end user of derivatives and spot trading brokers, we can facilitate lending at high interest rates and have an 8-year track record/good balance sheet, making us a strong partner for many counterparties.

We do not rehypothecate and all borrowing is on balance sheet. We look to build relationships with counterparties and investors, and recently led a new round of funding for Deribit and made a strategic investment in BlockFi.

Wang Hao: CyberX works closely with many institutions in the market. Many of them are well-known exchanges, wallets, miners, cryptocurrency funds, and trading institutions.

From the beginning, our mission has always been to connect global assets and liquidity through blockchain and share our expertise and technology with our partners to help them grow. We firmly believe that this is the only way for us to achieve long-term success.

We have been very low profile in the market before because we work very closely with our existing partners and we want to make sure they are well served. We plan to connect with more partners in the industry in 2020 and grow with them.

Wang Chun: We try our best to become a global enterprise and operate in a decentralized environment. In F2Pool, you can easily meet people from various countries like Russia, Australia, Thailand, Israel, the United States, Canada, South Korea, Spain, Italy, etc. We are "the global F2Pool", this is how we define ourselves.

Although most of F2Pool's customers are located in China, we still have servers all over the world. I hope that in the future F2Pool will not only be a mining pool, but also a platform for high-quality content and academic sharing. Because of my personal technical background, I would like to pay more attention to the interaction with the Bitcoin core developer and researcher community. I am now considering going to Antarctica to build a completely decentralized mining farm. I hope to talk to smart people around the world.

Pan Zhibiao: Biyin is a technology company. We ensure that miners cooperate with us 24/7 without any delay. So far, we have maintained 0 accidents and have servers in the United States, Russia, and Canada.

Since we will start providing loans to miners, we have been looking to work with lending platforms like BlockFi to give us access to cheaper funding and high-quality counterparties with greater security of funds.

For any Western institution that wants to enter the Chinese mining industry, such as investing in mining or looking for product cooperation, I think we are your best window.

We know that there is a lot of non-public information about everything in the Chinese mining industry. We know who is reliable and who is not. Last year, a Western mining giant had equipment worth about $300 million hijacked somewhere in China. They don't trust counterparties from China. It amazes us why they never consulted us before investing such a large amount of money.

Jan Capek: I think the most important thing we can do as mining pool operators to enhance Bitcoin in the future is to decentralize while providing maximum transparency and security to miners. This is why we are spending a lot of time on Stratum V2, and we will continue to do so until we are completely open to the community.

However, it will take time for the community to understand the importance of this. In the Western market, we have a good platform to do this, and on the other hand, I think Poolin and F2poo are in a perfect "communication" position in the Eastern market.

If mining is not secure and transparent, then as Bitcoin continues to grow, we will face a serious problem, because the larger the scale of Bitcoin, the greater the threat to the traditional financial system. Therefore, I think this is an important issue that the entire mining industry needs to work together to solve. We will do our best to ensure the security of the Bitcoin network, and we are also happy to work with other partners to achieve this goal.

Starry Sky: Our main goal in the future is to expand overseas markets and promote the global application of USDS. Because USDS is a coin-based stablecoin, it does not have any risk of being linked to fiat currency, which also means that it is more likely to become a stablecoin that can be used globally. We think this is the real demand of the crypto market. For users who have lending needs, we can provide better quality and lower interest funds with better depth, which can solve the user's liquidity problem. At the same time, we also want to establish an overseas community belonging to Bixin, so that we can better understand the needs of international users and help us analyze the future direction of the cryptocurrency market more clearly.

In addition, the payment scenario of cryptocurrency is also what Bixin has always wanted to do. Cryptocurrency payment has always been the vision of the Bitcoin community and it must be the trend of the future. The issuance and promotion of USDS is not only for the stablecoin market, it is also the first step in the development of payment. We also hope to cooperate with other international institutions to make Bitcoin payment scenarios a reality.

Li Peicai: In our vision, we believe that cryptocurrency will be as important as water and air in the future, and people need it just as we need the Internet. However, this vision cannot be achieved automatically. It requires the cryptocurrency community to create many valuable assets and services to meet people's needs in different environments.

In addition to this, we also need to introduce crypto assets to people outside the crypto community, and WaiYi hopes to educate people on how to use these services and how to profit from these assets.

For example, we think Bitcoin and ETH are very valuable crypto assets right now, so we provide miner hosting services and OTC trading, so that people can get these tokens by mining or buying them. So if any organization can create such assets or services and want people, especially the Chinese market, to understand them, they can find us to cooperate. We are happy to help them do so. This is also how we think we can promote the development of the market.

Leon Marshall: So far, we have seen a lot of demand in Asia for USD assets through crypto lending. At Genesis, we strive to be a tier-one lender, providing services to many of our peers in Asia.

What sets Genesis apart is the high quality and breadth of our client services. When it comes to quality, clients initially choose to work with us because we can provide a large amount of liquidity with competitive rates, fast settlements, and flexible collateral tiers.

We also have an experienced trading desk that can execute trades efficiently and transparently, either via API or OTC. And we have a strong reputation for doing our best to build long-term relationships with our clients. So we are pleased that we have not had any forced liquidations since launch. I think it is this level of professionalism and trust that sets us apart.