TradeBlock, a subsidiary of Digitalย currency Group, is closing down, reportsย by Bloomberg.
โ Owingย to the state of the broader economy and prolonged cryptocurrency winter, along with the challenging regulatory environment for digital assets in the Unitedย States, we made the decision to sunset the institutional trading platform side of the business,โ a DCG spokesperson informed the outlet.ย
TradeBlock was purchased by CoinDesk, another DCG subsidiary, in January 2021. Several of TradeBlockโs business was absorbed into CoinDesk, while other elements were spun out into a separate entity, as Bloomberg noted.ย
DCG closed its wealth management unit, HQ Digital, earlier inย theย year, citing economic headwinds. The company is asย ofย now embroiled in a protracted legal ordeal involving the bankrupt lending unit of its Genesis subsidiary, which owes billions of dollars to creditors.ย
