• Digital Currency Group (DCG) has announced the closure of its wealth-management division, HQ, due to the current economic environment and prolonged crypto winter.
• The business reportedly had more than $3.5 billion in assets under management.
• DCG is the parent company of CoinDesk.
Digital Currency Group, one of the world’s leading cryptocurrency conglomerates, has announced the closure of its wealth-management division, HQ. The decision came as a reaction to the current economic environment and prolonged crypto winter, which has presented significant headwinds to the industry.
HQ was launched in late 2019 as a way for DCG to help its clients invest in digital assets, offering them a range of services such as portfolio management, trading, and advisory. It had more than $3.5 billion in assets under management, according to reports.
In a statement released on Thursday, DCG said that it had made the tough decision to wind down HQ as of the end of January. The company expressed pride in the work that the team had done and said that it looked forward to potentially revisiting the project in the future.
DCG is the parent company of CoinDesk, a leading crypto news and information source. The company also owns Genesis Global Trading, which recently announced layoffs.
The decision to close HQ is yet another sign of the economic uncertainty that has pervaded the crypto industry in recent months. Despite the bear market, however, DCG remains optimistic about the future, and the company’s CEO, Barry Silbert, has said that he believes that the industry will rebound in the near future.
For now, DCG is focusing on other projects, and the company’s recent investments suggest that it is well-positioned to capitalize on the potential of the crypto market in the future. With its wide range of services and its deep understanding of digital assets, DCG is sure to remain a major player in the industry for years to come.