Digital Currency Group, the cryptocurrency firm founded by Barry Silber, has announced the shutdown of its trade execution and prime brokerage unit, TradeBlock. As per a Bloomberg report, TradeBlock will stop functioning from May 31st. TradeBlock was initially acquired by Digital Currency Group in 2020 but was later spun out as a standalone business. The reason behind the shutdown is stated as being due to the challenging regulatory environment for digital assets in the US, coupled with the prolonged crypto winter and the current state of the broader economy. Digital Currency Group owns CoinDesk, a news media company that released a statement quoting the reasons for the suspension of the institutional trading platform side of the business, effective May 31, 2023. The format of the acquisition was not disclosed.
“It’s a tough phase for the cryptocurrency industry and its players,” said Barry Silber.
This news will bring a pause to TradeBlock’s journey, which offered many features for blockchain traders, including an institutional trading platform and an OTC trade negotiation tool. Digital Currency Group is known for its consistent backing of new businesses in the crypto and blockchain space and has invested in more than 170 cryptocurrency startups since its inception in 2015.
As of writing, there have been no additional remarks on the situation.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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