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HomeCoinsBitcoinGenesis proprietor Digital Foreign money Group shuts down wealth administration subsidiary

Genesis proprietor Digital Foreign money Group shuts down wealth administration subsidiary

Digital Foreign money Group (DCG) is shutting down its wealth administration subsidiary HQ Digital, The Data reported Jan. 5, citing an inner memo.

In response to the report, HQ Digital halted operations on Jan. 2; it was launched in June 2022 and operated for simply over half a 12 months.

The writer of the article, Kate Clark, later revealed an announcement from a DCG spokesperson, which said that HQ Digital would shut down as a result of “broader financial surroundings” and the “extended crypto winter.”

The spokesperson additionally mentioned that DCG may probably revive the subsidiary sooner or later.

The unique report referred to as HQ Digital “collateral harm within the FTX implosion,” seemingly referring to points at one other DGC subsidiary, Genesis World Capital.

Genesis halted withdrawals and mortgage redemptions following FTX’s collapse in November. That call additionally impacted Gemini Earn, an interest-bearing service supplied in partnership with the crypto change Gemini.

On Jan. 5, Genesis laid off 30% of its workers as reviews prompt that the agency is exploring a potential chapter submitting.

Genesis has denied publicity to FTX’s FTT token and said that it has no lending relationship with FTX. Nevertheless, it did admit to holding $175 million at FTX.

DCG additionally owns quite a few different crypto firms together with the information website CoinDesk, the asset supervisor Grayscale, the mining and advisory agency Foundry, the crypto pockets firm Luno, and the institutional buying and selling API service TradeBlock.

Of those firms, solely Luno has been impacted to this point, because it discontinued interest-bearing wallets in November. It stays to be seen whether or not the opposite subsidiaries are in danger.

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