Digital Currency Group (DCG) has announced the closure of its trade execution and prime brokerage services unit, TradeBlock. DCG, the parent company of CoinDesk, cited the crypto winter and regulatory uncertainties as the main reasons behind the move. The unit, which offers trading services to institutional investors, will be shut down on May 31, according to a DCG spokesperson. CoinDesk had acquired TradeBlock in 2020, but later spun it out as a standalone business. While the index data from the deal was retained by CoinDesk and rebranded as CoinDesk Indices, the spokesperson noted that the shutdown of TradeBlock has become a necessary decision. In a statement, they added, “TradeBlock has had a great run and we are proud of what the team has accomplished, but we believe it is in the best interest of our shareholders to discontinue these business lines.” The news was first reported by Bloomberg.
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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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