The decision comes amidst broader troubles for DCG, which is embroiled in the bankruptcy proceedings of its Genesis subsidiary. Earlier in May, DCG missed a $630 million payment to Genesis.
DCG shutters TradeBlock subsidiary
Digital Currency Group, the parent company of several companies in the crypto industry including Genesis, Grayscale Investments, and CoinDesk, announced that it will be shuttering TradeBlock, its trade execution and prime brokerage services unit. The company cited the typical reasons: "crypto winter" and "the challenging regulatory environment for digital assets in the U.S."