Digital Currency Group Pulls the Plug on its Institutional Trading Platform – Crypto News – Crypto News
Connect with us
Digital Currency Group Pulls the Plug on its Institutional Trading Platform Digital Currency Group Pulls the Plug on its Institutional Trading Platform

Cryptocurrency

Digital Currency Group Pulls the Plug on its Institutional Trading Platform – Crypto News

Published

2 years ago

on

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

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 scrutinyand 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.

D.C.G. 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.

Get the day’s top crypto news and insights delivered to your email every evening. Subscribe to Blockworks’ free newsletter now.

Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can’t-miss tweets and more from Blockworks Research’s Daily Debrief,

Can’t wait? Get our news the fastest way possible. Join us on Telegram and follow us on google news,

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending