Last Updated on March 11, 2023 by Bitfinsider
Blockchain.com is shutting down its asset management division, which debuted in April.
According to a statement with Companies House, the crypto startup has moved to remove the asset management division from the UK registry and end the business.
Bloomberg previously reported that the asset management subsidiary, which was established in collaboration with Altis Partners, would be closing down.
“Blockchain.com Asset Management started in April 2022, shortly before macroeconomic circumstances quickly worsened,” a spokesperson told Bloomberg in an email. “With crypto winter nearing its one-year anniversary, we made the business choice to discontinue operation of this institutional offering.”
According to a Bloomberg report, the asset management business tailored to big clients, family offices, and high-net-worth people.
Blockchain.com cut expenses by laying off 28% of its employees earlier this year, just months after raising an undisclosed sum of financing from UK-based investment company Kingsway Capital. It is one of several cryptocurrency companies reducing costs, including Kraken and Coinbase.
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