DCG shutters TradeBlock institutional trading platform News โธ US โธ Bankruptcy
DCG shutters TradeBlock institutional trading platform
One of DCG's institutional services is closing by the end of May due to a tough crypto market and regulatory landscape.
1 min read
Updated: May. 26, 2023 at 12:06 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Digital Currency Group (DCG) will close its institutional trading platform, TradeBlock, by the end of the month, Bloomberg reported May 25.
Crypto market challenges
DCG’s decision to close TradeBlock comes amidst a harsh crypto market. One DCG spokesperson cited various challenges, stating:
“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.”
CoinDesk โ a subsidiary of DCG โ acquired TradeBlock in 2020 for an unknown amount. The news outlet said in a separate report that it had maintained the indexing side of the business, which is currently known as Coindesk Indices.
Only the institutional trading side of what has now become TradeBlock will be closed.
TradeBlock will be shuttered on May 31, Bloomberg reported.
Other DCG issues
Another of DCG’s subsidiaries, Genesis, is also facing difficulties. The lending arm of Genesis filed for bankruptcy in January. The company owes $3.5 billion to creditors and recently said that it is in discussions with capital providers.
Genesis is also in conflict with Gemini, with which it formerly offered an Earn product that allowed users to earn interest on their crypto investments. Gemini recently claimed that DCG missed a $630 million payment that was due.
Two other DCG subsidiaries have additionally been affected by conditions. DCG shut down its wealth management subsidiary, HQ Digital, in January. DCG’s crypto exchange, Luno, also discontinued interest-bearing savings wallets in November 2022.
Mentioned in this article
Author 
Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
Latest US Stories
Featured Story
Advertise Here
In this article
Digital Currency Group
Digital Currency Group’s mission is to accelerate the development of a better financial system.
Genesis
Genesis is an institutional digital asset markets and a full-service digital currency prime brokerageย providing a single point of access for select qualified individuals and global institutional investors.
CoinDesk
CoinDesk was founded by Shakil Khan as an integrated platform for media, events, data & indices for the next generation of investing and the future of money.
Gemini
Gemini is a regulated digital asset exchange and custodian that allows customers to buy, sell, store, and stake digital assets in a regulated, secure, and compliant manner.
