Blockchain.com is discontinuing its Blockchain.com Asset Management subsidiary, according to reports and filings that the name was removed from the UK’s list of registered companies The company has decided to do away with its Blockchain.com Asset Management subsidiary. A company spokesperson cited deteriorating “macroeconomic conditions” and the “crypto winter” as some of the reasons for shutting down its institutional business.
Cryptowinter’s impact on the cryptocurrency industry
The downward pressure from crypto winter appears to continue, as in the last two days, the market capitalization of the global crypto market fell 6.82% to $931 billion. Furthermore, no company seems to be spared as the entire industry is contagious with failed crypto companies, bankruptcies, and significant layoffs. On Friday,reportsdetailed that Blockchain.com is shutting down its London-based subsidiary, Blockchain.com Asset Management (BCAM), and market observers noted that the company was struck from theUK Company Registry list.
A spokesperson for the company toldEmily Nicoleas a correspondent for Bloomberg News, which firstreportedthe story.” The scoop.” [Blockchain.com has shut down its asset management division, just 11 months after launching. In the meantime, the company cut hundreds of jobs and saw its valuation potentially slashed to a fraction of its former size of $14 [billion],” Nicolle tweeted.Nicolle contacted Blockchain.com, where a spokesperson commented on BCAM’s situation and Provided.
“Blockchain.com Asset Management was launched in April 2022, shortly before the macroeconomic situation rapidly deteriorated.” A spokesperson told Nicolle in an email.” We have now reached the one-year mark of the ‘crypto winter’ and have made the business decision to suspend the operation of this institutional product.” BCAM was formed through a partnership between Blockchain.com and Altis Partners; when BCAM was announced, it was intended to attract high-net-worth individuals, institutional investors, and family offices.
What do you think the future holds for cryptocurrency companies as the industry continues to face challenges such as crypto winter and increased regulation? Share your thoughts in the comments section below.
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