{"id":79365,"date":"2023-05-26T10:19:00","date_gmt":"2023-05-26T07:19:00","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=79365"},"modified":"2025-09-11T10:38:18","modified_gmt":"2025-09-11T07:38:18","slug":"digital-currency-group-to-close-tradeblock-the-institutional-trading-platform","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/digital-currency-group-to-close-tradeblock-the-institutional-trading-platform\/","title":{"rendered":"Digital Currency Group to close TradeBlock, the institutional trading platform"},"content":{"rendered":"<p>On May 31, TradeBlock, the DCG-owned institutional trading platform, will begin winding down its operations.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Barry Silbert\u2019s crypto conglomerate, Digital Currency Group, is shuttering its TradeBlock institutional trading platform <a href=\"https:\/\/t.co\/duE4YnknrR\">https:\/\/t.co\/duE4YnknrR<\/a><\/p>\n<p>\u2014 Bloomberg Crypto (@crypto) <a href=\"https:\/\/twitter.com\/crypto\/status\/1661841445886500877?ref_src=twsrc%5Etfw\">May 25, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The company cited macroeconomic conditions and regulatory uncertainty for digital assets in the United States as the reasons.<\/p>\n<p>The decision came four months after<a href=\"https:\/\/u1f987.com\/en\/news\/digital-currency-group-closes-hq-digital-unit\"> closure<\/a> of HQ Digital, the group\u2019s asset-management subsidiary. At the time, the company cited \u201cprolonged crypto-winter and the economic environment.\u201d<\/p>\n<p>In January 2023, the cryptocurrency exchange Luno<a href=\"https:\/\/u1f987.com\/en\/news\/dcg-backed-luno-to-cut-35-of-staff\"> laid off 330 employees<\/a>. Along with other units, the layoffs affected more than <a href=\"https:\/\/cointelegraph.com\/news\/dcg-companies-laid-off-over-500-employees-as-contagion-spreads\">500 employees<\/a>.<\/p>\n<p>For 2022, Digital Currency Group reported<a href=\"https:\/\/u1f987.com\/en\/news\/digital-currency-group-reports-a-1-1-billion-loss-for-2022\"> a loss of $1.1 billion<\/a>. The main cause was trouble at its subsidiary crypto-lending platform Genesis Global Capital.<\/p>\n<p>On November 16, 2022, the unit<a href=\"https:\/\/u1f987.com\/en\/news\/genesis-global-capital-suspends-crypto-lending-operations\"> froze withdrawals<\/a> and the issuance of new loans. The firm cited \u201cheightened requests\u201d from clients after <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\"> the collapse of FTX<\/a>.<\/p>\n<p>The source of the difficulties was the collapse of the hedge fund <span data-descr=\"Three Arrows Capital\" class=\"old_tooltip\">3AC<\/span><\/a> in July of that year. The latter did not meet obligations to Genesis Global Capital of<a href=\"https:\/\/u1f987.com\/en\/news\/three-arrows-capital-owes-genesis-a-cryptocurrency-otc-platform-2-36-billion\"> $2.36 billion<\/a>. Digital Currency Group provided support to the firm.<\/p>\n<p>In January 2023, Genesis Global Holdco and its subsidiaries Genesis Asia Pacific and Genesis Global Capital <a href=\"https:\/\/u1f987.com\/en\/news\/genesis-part-of-digital-currency-group-files-for-bankruptcy\">filed for bankruptcy<\/a>. According to media reports, their liabilities <a href=\"https:\/\/u1f987.com\/en\/news\/financial-times-genesis-global-capital-owes-creditors-more-than-3-billion\">exceed $3 billion<\/a>. This amount includes claims from Gemini exchange customers of $900 million<a href=\"https:\/\/u1f987.com\/en\/news\/ft-reports-genesis-and-dcg-owe-gemini-clients-900-million\">.<\/p>\n<p>In May, DCG<a href=\"https:\/\/u1f987.com\/en\/news\/dcg-misses-630m-payment-to-gemini-earn\"> missed a $630 million payment<\/a> to compensate Gemini Earn users.<\/p>\n<p>In January, the <span data-descr=\"Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> and the US DOJ <a href=\"https:\/\/u1f987.com\/en\/news\/journalists-report-that-us-authorities-are-investigating-dcgs-activities\">began examining<\/a> the nature of Digital Currency Group&#8217;s interactions with Genesis Global Capital, according to Bloomberg.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On May 31, TradeBlock, the DCG-owned institutional trading platform, will begin winding down its operations.<\/p>\n","protected":false},"author":1,"featured_media":79366,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[83,184],"class_list":["post-79365","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-business","tag-dcg"],"aioseo_notices":[],"amp_enabled":true,"views":"204","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79365","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=79365"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79365\/revisions"}],"predecessor-version":[{"id":79367,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/79365\/revisions\/79367"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/79366"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=79365"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=79365"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=79365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}