Cryptocurrencies
Digital Currency Group Closes Wealth Division Amid Trouble
- DCG has been battling issues in its Genesis subsidiary
- Genesis eliminated more than 60 positions, or 30% of workforce
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Cryptocurrency conglomerate Digital Currency Group closed its wealth-management division, the latest sign of trouble amid a deep and prolonged slump in the crypto industry.
The Stamford, Connecticut-based firm, which controls asset manager Grayscale Investments and brokerage Genesis, among others, is dealing with numerous issues: it had dismissed 10% of its staff toward the end of last year. Genesis also eliminated more than 60 positions in what amounted to 30% of its workforce.