Digital Currency Group (DCG), the prominent cryptocurrency investment firm, has announced the closure of its trade execution and prime brokerage services subsidiary, TradeBlock.
Digital Currency Group (DCG) has announced the closure of its trade execution and prime brokerage services subsidiary, TradeBlock. The decision is attributed to the crypto winter, challenging economic conditions, and regulatory complexities in the United States. DCG posted a $1.1 billion loss in 2022, and its broker unit, Genesis also went bankrupt listing debts of around $3.5 billion. This month, DCG reportedly missed a $630 million debt payment owed to Genesis.
TradeBlock is a financial technology company that provides institutional-grade tools and services for digital currencies and blockchain assets. The company offers a variety of products, including trading tools, data analytics, indices, and execution services. TradeBlock aims to cater to the needs of institutional investors and traders looking to participate in the digital asset market.