Crypto Group DCG to Shut Down Its Wealth-Management Division HQ Digital

Digital Currency Group (DCG), the cryptocurrency conglomerate whose Genesis Global Trading division just announced more layoffs, said it's shutting down a wealth-management division called HQ Digital.

"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" as of Jan. 31, the company said in a statement Thursday. "We're proud of the work that the team has done and look forward to potentially revisiting the project in the future."

DCG is one of the largest and most well-known crypto groups in the world, with Genesis, Grayscale, CoinDesk, Foundry, and Luno.

The group started the new year embroiled in a dispute​ with U.S. cryptocurrency exchange Gemini over a nearly $1.7 billion in debt.

Source: CoinDesk