Digital Currency Group (DCG) is closing its trade execution and prime brokerage services outfit, TradeBlock, citing the crypto winter, broader economy, and US regulatory environment.
TradeBlock, which was acquired by DCG's CoinDesk in 2020 before being spun out, will be closed own at the end of May.
DCG posted a $1.1 billion loss for 2022 as it faced up to the crypto winter and specifically the collapse of Three Arrows Capital, for which it was the largest creditor.
The group's broker unit Genesis also went bankrupt listing debts of around $3.5 billion. This month, DCG reportedly missed a $630 million debt payment owed to Genesis.