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TradeBlock, a subsidiary of Digital Currency Group, is closing, according to Bloomberg.
“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 have made the decision to end the side of the firm’s institutional trading platform,” a DCG spokesperson told the outlet.
TradeBlock was purchased by CoinDesk, another DCG subsidiary, in January 2021. Some of TradeBlock’s business was absorbed by CoinDesk, while other elements were moved into a separate entity, as noted by Bloomberg.
DCG closed its wealth management unit, HQ Digital, earlier this year, citing economic headwinds. The company is currently embroiled in a lengthy legal ordeal involving the bankrupt lending unit of its subsidiary Genesis, which owes creditors billions of dollars.
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