DCG Shuts Down Its Wealth Division Amid Trouble

Crypto conglomerate Stops Its Wealth Division Operations

January 6, 2022 Story: Mohd Javed

Crypto conglomerate Digital Currency Group (DCG) closed its wealth-management division amid a prolonged slump in the crypto industry.

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The DCG shuttered its wealth-management division Headquarter, a company spokesperson confirmed.

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“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, effective January 31,” a DCG spokesperson said in a statement.

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This is the latest sign of trouble as the company has been facing a severe liquidity crisis at Genesis.

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DCG is the crypto conglomerate that owns beleaguered crypto broker Genesis and digital asset manager Grayscale.

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The DCG has been facing severe challenges for some of its biggest subsidiaries following the FTX collapse.

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The company is dealing with changes and challenges within some of its biggest subsidiaries following FTX collapse.

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