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Blockchain.com is dissolving a subsidiary of Blockchain.com Asset Management, according to the report and filings showing that its name has been removed from the registered list of UK companies. A company spokesperson cited deteriorating “macroeconomic conditions” and “cryptocurrency winter” as part of the reasons for suspending institutional business.
Impact of Crypto Winter on the Cryptocurrency Industry
The downward pressure from the crypto winter looks set to continue as global crypto market capitalization fell 6.82% to $931 billion over the past two days. In addition, bankruptcies and bankruptcies of cryptocurrency companies are rampant across the industry, with large-scale layoffs occurring, and no one appears to be spared. On Friday, it was reported that Blockchain.com was suspending its London-based subsidiary, Blockchain.com Asset Management (BCAM), and market observers said the company had been removed from the list of registered UK companies. pointed out.
A company spokesperson said Emily Nicolewas a Bloomberg News correspondent report first in the news. “scoop: [Blockchain.com] has suspended its asset management division, moving to close it just 11 months after its launch. In the meantime, the company has cut hundreds of jobs and confirmed its valuation could drop to a fraction of its former $14. [billion in] Size,” Nicolle tweeted. Nicolle reached out to Blockchain.com and a spokesperson commented on the BCAM situation.
“Blockchain.com Asset Management was launched in April 2022, just before macroeconomic conditions deteriorated rapidly,” a spokesperson told Nicole via email. “As ‘Crypto Winter’ is about to enter his first year, we have made the business decision to suspend the operation of this institutional product.” was formed through a partnership between Altis Partners. When BCAM was announced, it was meant to attract high net worth individuals, institutional investors and family offices.
Given the ongoing challenges facing the industry, such as crypto winter and increased regulation, what do you think the future holds for crypto companies? Share your thoughts in the comments section below.
image credit: Shutterstock, Pixabay, Wiki Commons, T. Schneider / Shutterstock.com
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