DCG to shut down institutional trading platform TradeBlock on May 31

According to news from PANews on May 26, according to Bloomberg News, Digital Currency Group (DCG) will close its institutional trading platform TradeBlock on May 31, which provides transaction execution, pricing and prime brokerage services for institutional investors. DCG acquired TradeBlock in 2020, financial details of the transaction were not disclosed. “Due to macroeconomic conditions and the prolonged crypto winter, as well as the challenging U.S. Crypto asset regulatory environment, we have decided to close our institutional trading platform business,” a DCG spokesperson said in a statement. TradeBlock is led by Breanne Madigan, who previously spent 15 years at Goldman Sachs and also served as Ripple’s vice president of global institutional markets. According to previous news, DCG has closed its wealth management department. In May, DCG failed to repay Genesis Global’s $630 million debt. Since then, creditors such as DCG, Genesis Global and Gemini Trust Co. have conducted reconciliation and restructuring negotiations. Meanwhile, DCG is also in talks to refinance its debt.

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