Key takeaways:
- With effect from May 31st, TradeBlock, DCG’s premier brokerage and trade execution division, will close.
- This decision was made in response to a number of variables, including the general situation of the economy at the moment and the hazy regulatory landscape around cryptocurrencies.
Digital Currency Group (DCG), a venture capital firm specializing in digital assets, is shutting down its subsidiary TradeBlock. TradeBlock, which provides trading services to institutional investors, is being closed amidst the ongoing downturn in the cryptocurrency market. According to Bloomberg, the trading platform is set to cease operations on May 31.
DCG has chosen to sunset its trading platform, citing challenging economic conditions, an extended period of low crypto market activity, and the complex regulatory environment for digital assets in the US. A spokesperson from DCG explained that the decision was made considering these factors. CoinDesk, another subsidiary of DCG, acquired TradeBlock in January 2021.
Following the acquisition, certain aspects of TradeBlock’s operations were integrated into CoinDesk, while other components were separated into a distinct entity.
According to information displayed on TradeBlock’s website, their platform offers a comprehensive solution for institutions, focusing on simplifying crypto asset trading workflows through API integration. Alongside TradeBlock, two other subsidiaries of Digital Currency Group (DCG) have experience.
