Crypto winter has claimed its latest victim, as Blockchain.com winds down its crypto asset management business months after its launch.
Crypto financial services firm Blockchain.com has announced the winding down of its asset management subsidiary.
The news was revealed via a March 9th Bloomberg report. It is the latest company to suffer the impact of crypto winter.
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Speaking to Bloomberg, a spokesperson for the company said that the subsidiary was a victim of bad timing. The spokesperson for Blockchain.com noted:
Blockchain.com Asset Management launched in April 2022, shortly before macroeconomic conditions deteriorated rapidly. With crypto winter now approaching the one year mark, we made the business decision to pause operating this institutional product.
It began operations in April 2022, just a month before the collapse of LUNA, which was the catalyst for crypto winter. Upon the launch, the asset management platform was set to offer "regulated crypto investment products for institutional investors, family offices and high net worth individuals.”
Blockchain.com Asset Management was launched in collaboration with Altis Partners. At that time, Blockchain.com highlighted:
This offering marries the crypto trading infrastructure, research, and security software services of Blockchain.com with the investment management expertise of Altis Partners.
The subsidiary was based in London, United Kingdom. The data shows that the subsidiary filed to be deregistered on March 5th in an application dated February 15th. Due to the abruptness of its wind down, it had not yet filed its annual account.