Digital Currency Group Shuts Institutional Trading Platform, Cites Crypto Crisis
DCG will shut down its prime brokerage subsidiary Tradeblock by the end of the month, Bloomberg reported. advertisement Prolonged crypto winter season Digital Currency Group cited the broader economy and prolonged crypto winter, along with the uncertain regulatory environment for the digital assets in the US for shutting down its institutional trading platform side of the business. Earlier, DCG shut down its wealth-management division headquarters as it deals with Genesis ’s bankruptcy. Digital Currency Group has been negotiating with creditors of its bankruptcy lending business, Genesis, before it took the decision to close down its TradeBlock subsidiary. DCG also revealed losses exceeding $1 billion last year from the domino effect of FTX and crypto collapse last year. In January, DCG ’s crypto lending division Genesis Global filed for Chapter 11 bankruptcy protection. Recommended Articles ...