The 2018 crypto bear market had a notable impact on a number of businesses in the industry, causing many to consolidate their operations and downsize their staff. However, there’s one part of the emerging industry that continues to thrive.

According to a recent report by Bloomberg, crypto lending has quietly become a booming business in 2018 on the backs of both bullish and bearish investors.

Numerous lenders, including BlockFi, Salt Lending (SALT) and Genesis Capital, have seen notable upticks in key operational metrics throughout the bear market.

For instance, BlockFi says its revenues and customer base have grown 10-fold since June, while Salt Lending is hiring more employees every month as its revenue ticks higher. Add to that the fact that Genesis Capital has already issued more than $700 million of loans to institutions since March of 2018, and it’s clear that lenders are fairing well, even in the risk-off environment.

“We’ve been profitable from day one,” Michael Moro, chief executive officer of Genesis Capital, said. “We’ve certainly proven that there is market demand, that there’s product fit and that it’s time to invest even more in this side of the business.”

The report by Bloomberg confirms what more-transparent lending startups like Nexo (NEXO) have shown for months — profitability. Like SALT and the rest of the market, Nexo’s token has had a difficult time since launching in May, but the startup still paid its first dividend of $912,000 to token holders on December 15.

The current profitability of lenders is in stark contrast to crypto development groups. In the last few months, we’ve seen Steemit, Inc. lay off 70% of its staff, and, more recently, ConsenSys, the Ethereum development studio founded by Joseph Lubin, let go 13% of its 1,200-person staff.

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.