Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Nick Baker is CoinDesk's deputy editor-in-chief. He owns small amounts of BTC and ETH.

Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

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

"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."

The Information reported on the closure earlier, saying the business had more than $3.5 billion of assets under management.

DCG is also the parent company of CoinDesk.

UPDATE (Jan. 6, 2023, 00:07 UTC): Adds confirmation from DCG that HQ is being shut.



Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Nick Baker is CoinDesk's deputy editor-in-chief. He owns small amounts of BTC and ETH.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


CoinDesk - Unknown

Nick Baker is CoinDesk's deputy editor-in-chief. He owns small amounts of BTC and ETH.