DCG Shutters Its Wealth Management Division

Genesis parent company Digital Currency Group (DCG) is shutting down its wealth management subsidiary HQ Digital, which is reported to have more than $3.5 billion of assets under management.

"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."