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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 ...

According to the latest details from a spokesperson from Genesis Global Trading, the company cut down its workforce on Thursday. The layoff follows shortly after the statement by Genesis Interim CEO, Derar Islim. Islim recently addressed the fact that the firm needs additional time to find a proper solution for the ongoing issues. The details from the person familiar with the matter revealed that Genesis fired 145 employees, which accounts for 30% of its workforce. The recent layoff has especially affected the sales and business development departments. “As we continue to navigate unprecedented industry challenges, Genesis has made the difficult decision to reduce our headcount globally. These measures are part of our ongoing efforts to move our business forward. We sincerely appreciate the hard work of our talented and dedicated team as we continue to work to identify the best outcome for Genesis ’s business, clients, and employees for the long term,” the Gen...