Genesis Block Hong Kong

[reallyreally]

Does anyone know much about this company? I recently walked past their store in TST and then looked up their website to see what they are all about. They seem to be some type of retail banking for crypto, making it easier for the plebs to get into.
Seems strange that they would have such a prominent retail location for just a few BTC atms and to rope in a few new customers.

[muzzdang]

They have been in Wanchai for a good many years

[shri]

Hindsight and all...

Genesis Block had established networks of bank accounts which provided easier access to hard currency and channels to onboard clients. It functioned as a so-called ramp to get money in and out of crypto — a tricky task in a space that traditional regulated banks often avoid.

“Genesis Block has gotten pretty big over the years as an on and off ramp venue . . . A stake would give FTX/Alameda access to banking services and sources of liquidity,” said Carlton Lai, an analyst at Daiwa Capital Markets.

The relationship is important “as volumes in Hong Kong, being a finance hub, is likely much larger, given the aggregation of high net worth individuals and family offices that are interested in crypto”.

Moreover, Genesis Block was one of the few crypto businesses with a storefront in Hong Kong, making a centre for the city’s crypto community. When the company opened a new office in Kowloon in March 2021, staff handed out French macarons decorated with FTX’s logo.

https://archive.is/lGb6A

All about discrete wealth transfer...

[aw451]

I still don't understand what Genesis Block did with all of the cash. No HK bank will even touch cash related to crypto.