Digital Currency Group (DCG), a venture capital conglomerate, will close TradeBlock, which is its brokerage subsidiary, stated Cointelegraph. It is expected that this step was taken seeing the state of the broader economy and an unknown regulatory status of the crypto market in the United States.
With insights from a report by Bloomberg on May 25, 2023, TradeBlock, headed by Breanne Madigan, officially the process of closing down will start from May 31, 2023, Cointelegraph added.
“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,” a spokesperson mentioned in Bloomberg, Cointelegraph highlighted.
Furthermore, it was decided to shut down TradeBlock after DCG had shut down its wealth-managment sector headquarters in January 2023, Cointelegraph concluded.
(With insights from Cointelegraph)
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