Source:
Pixabay
TradeBlock,
an
institutional
investor
focused
subsidiary
of
Barry
Silbert’s
crypto
conglomerate
Digital
Currency
Group,
is
closing
down,
according
to
Bloomberg
News.
“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,”
according
to
a
statement
from
a
DCG
spokesperson
Bloomberg
recieved.
Stamford,
Connecticut-based
TradeBlock
offered
services
such
as
trade
execution,
post-trade
help
and
price
discovery,
according
to
its
website.
Revenue
down
DCG’s
revenue
was
down
this
year
in
a
year-over-year
basis,
according
to
a
report
released
earlier
this
month.
For
the
first
quarter
this
year,
DCG’s
revenue
totaled
$180
million,
up
a
respectable
63%
from
the
prior
quarter,
the
company
said
However,
that’s
still
down
46%
compared
to
the
first
quarter
of
last
year,
which
was
a
time
when
the
entire
crypto
market
traded
at
much
higher
prices
than
today,
with
bitcoin
hitting
as
high
as
$69,000.
Now,
bitcoin
is
valued
closer
to
$26,000.
DCG
also
announced
in
that
earlier
report
that
its
Chief
Financial
Officer
Michael
Kraines
had
stepped
down,
and
that
President
Mark
Murphy
and
Chief
Strategy
Officer
Simon
Koster
will
take
over
his
duties
until
a
permanent
replacement
can
be
found.
The
firm
has
also
been
in
the
news
due
to
financial
difficulties
faced
by
crypto
lending
firm
Genesis
Global
—
which
is
owned
by
DCG.
Genesis
filed
for
bankruptcy
earlier
this
year
after
taking
some
major
hits
from
the
collapses
of
crypto
exchange
FTX
and
crypto
hedge
fund
Three
Arrows
Capital.
That
threw
Genesis
in
a
dispute
with
Gemini
founders
Cameron
and
Tyler
Winklevoss,
who
said
Genesis
owed
money
to
its
Gemini
Earn
users.
Genesis
is
still
going
through
the
Chapter
11
bankruptcy
process
in
the
United
States
Bankruptcy
Court
for
the
Southern
District
of
New
York.
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