The parent of Grayscale and Genesis – Digital Currency Group to shut down its wealth management division by Jan. 31.
The crypto winter swallowed yet another business as the holiday season ended and 2023 started. The Digital Currency Group, a parent company of Genesis and Grayscale Bitcoin Trust to wrap up its wealth management business called HQ from Jan. 31. It had over $3.5 billion in assets as of Dec. 2022.
Digital Currency Group Kneels to Prolonged Crypto Winter
The FTX collapse, global macroeconomic conditions, and crypto winter have immensely challenged the Digital Currency Group.
Its Spokesperson said, “Due the state of the broader economic environment and prolonged crypto winter presenting significant headwinds to the industry, we made the decision to wind down HQ. We’re proud of the work that the team has done and look forward to potentially revisiting the project in the future.”
The Information first reported…
