Digital Currency Group Suspends Dividend Payments

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DCG Holding, which is currently facing with financial difficulties after the collapse of crypto derivatives exchange FTX, has just announced it has suspended the payment of quarterly dividends.

Bloomberg has reported citing the letter sent by the company to its shareholders that the group has now focused on “strengthening the balance sheet by cutting operating costs and maintaining liquidity.”

The firm has reportedly made the decision due to the problems of its subsidiary Genesis Digital, a crypto lending platform, which owed $3 billion including $900M claimed by clients of US exchange Gemini.

Cameron Winklevoss, the co-founder of the trading platform, has also called on the head of DCG Barry Silbert to resign.