DCG shutters TradeBlock institutional trading platform


What is CryptoSlate Alpha?

A web3 membership designed to empower you with cutting-edge insights and knowledge. Learn more ›

Connect via Access Protocol

Access Protocol is a web3 monetization paywall. When users stake ACS, they can access paywalled content. Learn more ›

Disclaimer: By choosing to lock your ACS tokens with CryptoSlate, you accept and recognize that you will be bound by the terms and conditions of your third-party digital wallet provider, as well as any applicable terms and conditions of the Access Foundation. CryptoSlate shall have no responsibility or liability with regard to the provision, access, use, locking, security, integrity, value, or legal status of your ACS Tokens or your digital wallet, including any losses associated with your ACS tokens. It is solely your responsibility to assume the risks associated with locking your ACS tokens with CryptoSlate. For more information, visit our terms page.

Get Up to 10,000 USDC on Your First Top-Up

Learn More

One of DCG’s institutional services is closing by the end of May due to a tough crypto market and regulatory landscape.

How To Get Free Crypto  

Cover art/illustration via CryptoSlate

Digital Currency Group (DCG) will close its institutional trading platform, TradeBlock, by the end of the month, Bloomberg reported May 25.

Crypto market challenges

DCG’s decision to close TradeBlock comes amidst a harsh crypto market. One DCG spokesperson cited various challenges, stating:

“Due to the state of the broader economy and prolonged crypto winter, along with the challenging regulatory environment for digital assets in the US, we made the decision to sunset the institutional trading platform side of the business.”

CoinDesk — a subsidiary of DCG — acquired TradeBlock in 2020 for an unknown amount. The news outlet said in a separate report that it had maintained the indexing side of the business, which is currently known as Coindesk Indices.

Only the institutional trading side of what has now become TradeBlock will be closed.

TradeBlock will be shuttered on May 31, Bloomberg reported.

Other DCG issues

Another of DCG’s subsidiaries, Genesis, is also facing difficulties. The lending arm of Genesis filed for bankruptcy in January. The company owes $3.5 billion to creditors and recently said that it is in discussions with capital providers.

Coinbase Banner  

Genesis is also in conflict with Gemini, with which it formerly offered an Earn product that allowed users to earn interest on their crypto investments. Gemini recently claimed that DCG missed a $630 million payment that was due.

Two other DCG subsidiaries have additionally been affected by conditions. DCG shut down its wealth management subsidiary, HQ Digital, in January. DCG’s crypto exchange, Luno, also discontinued interest-bearing savings wallets in November 2022.

DCG is ‘in discussions’ with capital providers amidst Genesis mediation

Bankruptcy 2 weeks ago 1 min read

Multiple Genesis Capital creditors walk away from agreement – DCG responds

Bankruptcy 1 month ago 1 min read

Get a Daily Summary of Crypto News, Insights and Market Data Straight to Your Inbox.

Cheers! You’re subscribed to CryptoSlate.

Please add [email protected]” to your email whitelist.

Don’t show this message again

Go to Source
Author: Mike Dalton

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.