Features TheBitTimes.com

Starting May 31, TradeBlock will commence the official procedure of winding down its operations. Venture capital conglomerate Digital Currency Group (DCG) is closing its prime brokerage subsidiary TradeBlock, citing the state of the broader economy and an uncertain regulatory environment for crypto in the United States.  According to a May 25 report from Bloomberg, TradeBlock, led by Breanne Madigan, will officially begin the process of shutting down effective May 31. Barry Silbert’s crypto conglomerate, Digital Currency Group, is shuttering its TradeBlock institutional trading platform https://t.co/duE4YnknrR — Bloomberg Crypto (@crypto) May 25, 2023 “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 spokesperson reportedly told Bloomberg.  DCG and its portfolio of companies have faced chal...

While 2022 ended with immense chatter around FTX, 2023 started with increased discussions around Digital Currency Group [DCG]. The parent company of Genesis Global Trading was once again making headlines for pulling the plug on its wealth-management division called HQ. HQ reportedly entailed over $3.5 billion worth of assets under management. In a memo shared with a customer, HQ cited the ongoing market conditions as the reason behind its closure. The memo further read, “Due to the state of the broader economic environment and prolonged crypto winter presenting significant headwinds to the industry, we made the decision to wind down HQ.” It should be noted that the DCG -led platform will close its doors on January 31, 2023. In the memo HQ also put forth the possibility of “revisiting the project.” “We’re proud of the work that the team has done and look forward to potentially revisiting the project in the future.” The partners...