DCG Stops TradeBlock Institutional Trading Platform May 31
Key Points:
- Digital Currency Group (DCG) will close its institutional trading platform TradeBlock on May 31.
- TradeBlock is the official trading execution, pricing, and brokerage service for institutional investors.
- Macroeconomic conditions, a prolonged crypto winter, and the challenging US digital asset management environment were the main drivers of the outage.
According to Bloomberg News, Digital Currency Group (DCG) will close its institutional trading platform TradeBlock on May 31 due to the harsh market and tightening of US regulatory policies.
TradeBlock is the official trading execution, pricing, and brokerage service for institutional investors. Barry Silbert’s company acquired TradeBlock in 2020, financial details of the transaction were not disclosed.
A spokesperson for DCG said in a statement that macroeconomic conditions and the prolonged crypto winter, as well as the challenging US digital asset management environment, led the company to make the decision closed its institutional trading platform business.
“Due to the state of the overall economy and prolonged crypto winter, along with the challenging regulatory environment digital assets in the US, we made the decision to sunset the institutional trading platform side of the business,”
TradeBlock is led by Breanne Madigan, who spent 15 years at Goldman Sachs and served as Ripple’s vice president of global institutional markets.
According to previous information, DCG has closed its asset management division. In May, this company defaulted on Genesis Global’s $630 million debt. Since then, creditors such as DCG, Genesis Global, and Gemini Trust Co. Conducted reconciliation and restructuring negotiations. Meanwhile, DCG is also negotiating to refinance its debt.
Gemini CEO Cameron Winklevoss has threatened to sue CEO Barry Silbert and DCG over $900 million loan repayments after Genesis, a DCG entity, filed for Chapter 11 bankruptcy in the context of mixed-fund allegations and an ongoing dispute over refunds. The US Securities and Exchange Commission (SEC) accused both companies of selling unregistered securities through their Earn program.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
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DCG Stops TradeBlock Institutional Trading Platform May 31
Key Points:
- Digital Currency Group (DCG) will close its institutional trading platform TradeBlock on May 31.
- TradeBlock is the official trading execution, pricing, and brokerage service for institutional investors.
- Macroeconomic conditions, a prolonged crypto winter, and the challenging US digital asset management environment were the main drivers of the outage.
According to Bloomberg News, Digital Currency Group (DCG) will close its institutional trading platform TradeBlock on May 31 due to the harsh market and tightening of US regulatory policies.
TradeBlock is the official trading execution, pricing, and brokerage service for institutional investors. Barry Silbert’s company acquired TradeBlock in 2020, financial details of the transaction were not disclosed.
A spokesperson for DCG said in a statement that macroeconomic conditions and the prolonged crypto winter, as well as the challenging US digital asset management environment, led the company to make the decision closed its institutional trading platform business.
“Due to the state of the overall economy and prolonged crypto winter, along with the challenging regulatory environment digital assets in the US, we made the decision to sunset the institutional trading platform side of the business,”
TradeBlock is led by Breanne Madigan, who spent 15 years at Goldman Sachs and served as Ripple’s vice president of global institutional markets.
According to previous information, DCG has closed its asset management division. In May, this company defaulted on Genesis Global’s $630 million debt. Since then, creditors such as DCG, Genesis Global, and Gemini Trust Co. Conducted reconciliation and restructuring negotiations. Meanwhile, DCG is also negotiating to refinance its debt.
Gemini CEO Cameron Winklevoss has threatened to sue CEO Barry Silbert and DCG over $900 million loan repayments after Genesis, a DCG entity, filed for Chapter 11 bankruptcy in the context of mixed-fund allegations and an ongoing dispute over refunds. The US Securities and Exchange Commission (SEC) accused both companies of selling unregistered securities through their Earn program.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Foxy
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