DCG’s TradeBlock crypto platform closes its doors

Barry Silbert Digital Currency Group

Barry Silbert, CEO and founder of Digital Currency Group – Credit: Alamy

Faced with a crypto winter rigorous, the conglomerate Digital Currency Group will close TradeBlocksound brokerage service dedicated to institutional investors.

Digital Currency Group has just announced the closure of its crypto brokerage unit TradeBlock. The institutional trading platform had been acquired by DCG in 2020 for an undisclosed amount.

Due to the state of the broader economy and the prolonged crypto winter, as well as the challenging regulatory environment for digital assets in the U.S., we have made the decision to terminate the company’s institutional trading platform,” DCG said.

Following FTX’s bankruptcy last autumn, one of DCG’s subsidiaries, Genesis Global, was forced to file for bankruptcy. The crypto lender has been in talks with its creditors, which include Gemini, for several months.

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The crypto-focused conglomerate founded by Barry Silbert posted a $1 billion loss in 2022. It also closed its HQ Digital wealth management arm earlier this year.

The platform TradeBlockwhich was run by a former Goldman Sachs employee, will close its doors at the end of May.

Earlier this month, DCG CFO Michael Kraines resigned. At the same time, the US group announced higher revenues for Q1 2023.

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