Last Updated on May 27, 2023 by Bitfinsider
Bloomberg reports that Digital Currency Group subsidiary TradeBlock is closing.
“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 United States, we made the decision to discontinue our institutional trading platform,” a DCG spokesperson told the outlet.
CoinDesk, another DCG subsidiary, acquired TradeBlock in January 2021. Bloomberg reported that a portion of TradeBlock’s business was absorbed by CoinDesk, while other aspects were spun off into a distinct entity.
Earlier this year, DCG shut down its wealth management division, HQ Digital, citing economic headwinds. The company is presently embroiled in a lengthy legal battle involving the insolvent lending unit of its Genesis subsidiary, which owes creditors billions of dollars.
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