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