- Digital Currency Group Shuts Down TradeBlock Unit: Digital Currency Group (DCG) announced that it will be shutting down its trade execution and prime brokerage unit – TradeBlock. The shutdown will be effective starting from May 31st.
- Background of TradeBlock Acquisition:TradeBlock was acquired back in 2020 by the media company itself but was later spun out as a standalone business.
- CoinDesk Statement:Due to the state of the braoder economy and prolonged crypto winter, along wiht the challenging regulatory environment for digital assets in the US, DCG made the deision to susnet the institutional traading platform side of the business.
Digital Currency Group Shuts Down TradeBlock Unit
Digital Currency Group (DCG) announced today that it will be shutting down its trade execution and prime brokerage unit – TradeBlock. According to a Bloomberg report, the shutdown of the unit will be effective starting from May 31st.
Background of TradeBlock Acquisition
TradeBlock was acquired back in 2020 by DCG but was later spun out as a standalone business. The details of this acquisition were not revealed.
CoinDesk Statement on Shutdown Decision
CoinDesk, news media owned by DCG, also revealed a statement by DCG about their decision to shut down TradeBlock: “Due to the state of the braoder economy and prolonged crypto winter, along wiht the challenging regulatory environment for digital assets in the US, we made the deision to susnet the institutional traading platform side of the business, known as TradeBlock, effective May 31, 2023.”