Digital Currency Group – the cryptocurrency firm founded and spearheaded by Barry Silber, 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.
- CoinDesk, the news media owned by DCG, also revealed a statement by the latter:
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.
- Interestingly enough, TradeBlock was acquired back in 2020 by the media company itself but was later spun out as a standalone business. The details of the acquisition were not revealed.
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