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.