DCG announces the closure of TradeBlock: the end of an era?

DCG announces closure of TradeBlock: end of an era?

Digital Currency Group (DCG) has announced the closure of its subsidiary TradeBlock due to the uncertainty of the US digital asset regulatory environment and the extended “crypto winter.” According to a recent report by Bloomberg, the platform once provided trading execution, pricing, and bulk brokerage services to institutional investors and will cease operations on May 31, 2023. As DCG takes this step, the company is negotiating with creditors about its defaulted loan business. The closure of TradeBlock is expected to have a significant impact on the crypto market, especially for institutional investors who rely on the platform for trading and pricing services.

CoinDesk Inc., a crypto media and event company also controlled by DCG, acquired TradeBlock in 2020. After the acquisition, part of the business was merged into CoinDesk’s own business, while the rest was split into the TradeBlock trading platform.

In a statement to Bloomberg, a DCG spokesperson said the company had decided to close its institutional trading platform business due to the more complex economic conditions and the long-term “crypto winter,” as well as the uncertainty of the US digital asset regulatory environment. The decision to close TradeBlock is not unexpected, as DCG had previously stated its intention to focus on its core business, allowing the company to integrate its businesses and simplify its products to better serve customers.

TradeBlock was founded in 2013 and is a digital currency trading platform for institutional investors that allows users to execute trades, access market data and analytics, and manage their digital asset portfolios. TradeBlock also offers a range of services, including crypto industry currency indices, order management systems, and a suite of APIs for developers.

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DCG’s acquisition of TradeBlock brought several benefits to the company. Firstly, it allowed DCG to expand its product range, including institutional-grade trading and major brokerage services for digital assets. This move allowed DCG to focus on providing infrastructure and services to support the development of the crypto industry. Secondly, it provided the company with a development team and experts with a deep understanding of the digital asset industry. However, as previously stated, DCG has decided to close TradeBlock, and the trading platform will cease operations on May 31, 2023.

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