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Digital Currency Group closes TradeBlock, its institutional cryptocurrency trading platform

Nicholas by Nicholas
May 26, 2023
in Crypto
0
Digital Currency Group closes TradeBlock, its institutional cryptocurrency trading platform

The cryptocurrency trading platform for institutional investors TradeBlock will close on May 31. While this is one of many Digital Currency Group (DCG) companies, this is yet another blow for the ecosystem giant.

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https://cryptoast.fr/digital-currency-group-ferme-tradeblock-platform-trading-cryptomoneys-institutionnels/

TradeBlock, a platform dedicated to institutional trading, will close on May 31

The difficulties continue for the conglomerate Digital Currency Group (DCG). And for good reason, TradeBlock, its cryptocurrency trading platform for institutional investors, will close its doors as of May 31.

In a statement sent to our colleagues at Bloomberg by a DCG spokesperson, the company mentioned the bear market, but also the regulatory climate in the United States :

“Due to the state of the broader economy and the prolonged crypto winter, as well as the challenging regulatory environment for digital assets in the United States, we have made the decision to end the company’s institutional trading platform. »

For a brief history, TradeBlock had been acquired in 2020 by our colleagues from CoinDesk, a crypto medium owned by DCG. Then, the branch dedicated to institutional trading had become a separate entity and CoinDesk had kept the branch reserved for indices, the one on which Grayscale is based in particular for the construction of its investment products.

TradeBlock was led by Breanne Madigan, ex-head of institutional markets at Ripple, and who spent 15 years at Goldman Sachs. He wasn’t the only experienced person in the company, for example with Andy Kean as chief product officer, who spent 11 years at Citigroup as global head of algorithmic derivatives trading.

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DCG faced with a difficult bear market

After the announcement of the default of payment of 630 million dollars to Gemini, within the framework of the bankruptcy of its Genesis platform, it is another blow for DCG.

In the year 2022, the group recorded a loss of 1.1 billion dollars, while Barry Silbert, its CEO, spoke about the most difficult year of his life. Remember that DCG has more or less significant shares in more than 200 companies in the ecosystem, each with different degrees of independence, which makes it a major player in the industry.

In the month of January, the company had also closed HQits division dedicated to wealth management, and here again, “the extended crypto winter“had been implicated. In fact, if the coming months showed us that the bear market was already over, then it would have lasted less than those of 2018 and 2014, based on the time elapsed since the last high. historical. Statistically, it would therefore not be surprising if it lasted a few more months.

👉 Also in the News — BTC-e Founder, Accused of Money Laundering, Wants US-Russia Prisoner Swap

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Source: Bloomberg

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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.

Vincent Mayor

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