DCG shutters crypto institutional services subsidiary TradeBlock
Quick Take
- TradeBlock, a subsidiary of Digital Currency Group, is shutting its doors.
- A spokesperson told Bloomberg that economic and regulatory conditions were to blame.
TradeBlock, a subsidiary of Digital Currency Group, is closing down, according to Bloomberg.
"Due to the state of the broader economy and prolonged crypto winter, along with the challenging regulatory environment for digital assets in the US, we made the decision to sunset the institutional trading platform side of the business," a DCG spokesperson told the outlet.
TradeBlock was purchased by CoinDesk, another DCG subsidiary, in January 2021. Some of TradeBlock's business was absorbed into CoinDesk, while other elements were spun out into a separate entity, as Bloomberg noted.
DCG closed its wealth management unit, HQ Digital, earlier this year, citing economic headwinds. The firm is currently embroiled in a protracted legal ordeal involving the bankrupt lending unit of its Genesis subsidiary, which owes billions of dollars to creditors.
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