Blockchain.com Asset Management was launched and operated within 11 months.
According to BloombergBlockchain.com, a cryptocurrency wallet and brokerage unit, has decided to close its asset management division, which has been open for less than a year, due to the prolonged crypto winter.
Blockchain. com said it was suspending operations of its asset management arm less than a year after it first launched, marking another casualty of crypto’s prolonged bear market https://t.co/krDmwWtaS5
— Bloomberg (@business) March 9, 2023
Blockchain.com entered the asset management space for institutional clients last year, after a week of funding at a valuation of $14 billion. Floor representative spoke with Bloomberg:
“Blockchain.com Asset Management launched in April 2022, before macroeconomic conditions crashed. The crypto winter has been raging for over a year now, so we had to make the decision to pause this sub-organization.”
Two months ago, the Cayman Islands-based company confirmed it was laid off 28% of its workforce due to the challenges facing the cryptocurrency ecosystem as a whole. But this was Blockchain.com’s second staff reduction in just 7 months, after admitting $270 million in damage from the collapse of the investment fund Three Arrows Capital.
In related developments, in the past time, many organizations have closed down to cope with current difficulties. For example, Solana Spaces, Galois Capital fund, 10-year-old P2P crypto exchange LocalBitcoins…
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