According to the reports, the division had assets worth more than $3.5 billion.
Genesis Global Trading, a subsidiary of Digital Currency Group, announced further layoffs.
said that it will be closing down a wealth-management subsidiary known as HQ.
The industry faces major headwinds from the economy and crypto winter.
"We decided to wind down HQ" on Jan. 31, the business said Thursday.
The team's work is impressive, and we hope to revisit the project in the future.
The Information said that the company managed over $3.5 billion in assets before closing.