Digital Currency Group Pulls the Plug on its Institutional Trading Platform
Digital Currency Group, the parent company of crypto lender Genesis, is shutting down TradeBlock, its trading platform that catered to institutional clients, on May 31.
The decision to sunset the trading platform was made due to overall economic conditions, an extended crypto winter and the complex regulatory landscape surrounding digital assets in the US, Bloomberg reported, citing a DCG spokesperson.
Blockworks has reached out for comment.
In early 2021, CoinDesk, a subsidiary of DCG, acquired TradeBlock to leverage its reference rates, trading tools, and workflow systems. CoinDesk integrated the indexing business and spun out the remaining operations as the TradeBlock trading platform.
TradeBlock’s platform was designed with a focus on APIs, allowing institutions to simplify their crypto asset trading workflows. It offered solutions for pre-trade activities, trade execution and post-trade processes.
Digital Currency Group (DCG), a company that owns various prominent crypto firms, has been embroiled in controversy recently. The company’s transactions were said to be under scrutiny, and some of its subsidiaries seem to be facing difficulties.
Genesis officially filed for bankruptcy protection along with its subsidiaries in January after freezing withdrawals a few months earlier.
In a separate instance, Gemini co-founder Cameron Winklevoss urged DCG’s board to oust Silbert, making fraud allegations against DCG and its portfolio company Genesis. The allegations included making false statements and misrepresentations regarding Genesis’s solvency and financial well-being.
DCG failed to fulfill its $630 million debt obligation to Gemini, last week, prompting Gemini to grant DCG 30 days to come up with the funds during mediation.
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