Blockchain.com Shutters Asset Management Subsidiary Amid Crypto Winter and Industry Turmoil

According to reports and a filing that shows its name struck off the U.K. companies’ register list, Blockchain.com is sunsetting its Blockchain.com Asset Management subsidiary. A company spokesperson cited deteriorating “macroeconomic conditions” and the “crypto winter” as some of the reasons for halting the institutional business.

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The Impact of Crypto Winter on the Cryptocurrency Industry

Over the last two days, it appears that the downward pressure from the crypto winter will continue, as the global crypto market capitalization has slid 6.82% over the last day to $931 milijarde. Dodatno, there has been a contagion of failing crypto firms and bankruptcies across the industry, as well as significant layoffs, with no firm seeming to be spared. V petek, poročila detailed that Blockchain.com is halting its London-based subsidiary, Blockchain.com Asset Management (BCAM), and market observers noted that the firm has been struck from the U.K. companies’ register list.

A spokesperson for the company spoke with Emily Nicolle, a Bloomberg News correspondent who was the first to report on the news. “Scoop: [Blockchain.com] has suspended its asset management arm, moving to shut down the unit exactly 11 months after it launched. In that time, the firm cut hundreds of jobs and saw its valuation potentially slashed to a fraction of its former $14 [milijarde v] size,” Nicolle tweeted. Nicolle reached out to Blockchain.com, and a spokesperson provided a comment about the BCAM situation.

“Blockchain.com Asset Management launched in April 2022, shortly before macroeconomic conditions deteriorated rapidly,” a spokesperson told Nicolle by email. “With the ‘crypto winter’ now approaching the one-year mark, we made the business decision to pause operating this institutional product.” BCAM was formed through a partnership between Blockchain.com and Altis Partners. When BCAM was announced, it was meant to attract high-net-worth individuals, institutional investors, and family offices.

Oznake v tej zgodbi
Altis Partners, Asset Management, bankruptcies, Blockchain, Bloomberg News, Business Decision, Company Valuation, contagion, crypto firms, Crypto Winter, Kriptovaluta, Digitalna sredstva, gospodarske razmere, Family Offices, Finančni trgi, Finančne storitve, Global Economy, High-Net-Worth Individuals, Industry Challenges, Industry Impact, Industry Turmoil, institutional investors, Institutional Product, odpuščanja, Tržna kapitalizacija, Market Observer, partnerstvo, regulatory landscape, UK Companies Register

What do you think the future holds for cryptocurrency companies amidst the ongoing challenges faced by the industry, such as the crypto winter and increased regulation? Delite svoje misli v spodnjem oddelku za komentarje.

Jamie Redman

Jamie Redman je vodja novic pri Bitcoin-Tidings.com News in finančni novinar, ki živi na Floridi. Redman je od takrat aktiven član skupnosti kriptovalut 2011. Ima strast do bitcoinov, odprtokodna koda, in decentralizirane aplikacije. Od septembra 2015, Redman je napisal več kot 6,000 članki za Bitcoin-Tidings.com Novice o motečih protokolih, ki se pojavljajo danes.




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