Hours after the news broke out that Genesis Global has fired 30% of its staff, parent company digital currency Group (DCG) has decided to close its wealth division. This is the latest sign of trouble as the company has been facing a severe liquidity crisis at Genesis following the FTX collapse.
Dubbed HQ Digital, Digital Currency Group (DCG) has shuttered its wealth management division, a company spokesperson confirmed. The Information was the first to report the news. In an email statement, the DCG spokesperson noted:
“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. We’re proud of the work that the team has done and look forward to potentially revisiting the project in the future.”
The Digital Currency Group has been facing severe challenges for some of its biggest subsidiaries following the collapse of the crypto exchange FTX.
DCG’s Genes
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