Blockchain.com Asset Management was launched and operated inside eleven months.
Second BloombergBlockchain.com, a cryptocurrency wallet and brokerage unit, has made a decision to shut down its wealth management division, which has been open for much less than a 12 months, due to the prolonged cryptocurrency winter.
Blockchains. com mentioned it was suspending operations of its wealth management arm much less than a 12 months immediately after it initial launched, marking one more casualty in the prolonged cryptocurrency bear marketplace https://t.co/krDmwWtaS5
— Bloomberg (@enterprise) March 9, 2023
Blockchain.com entered the asset management enterprise for institutional clientele final 12 months immediately after a week of funding at a $14 billion valuation. The floor rep spoke with Bloomberg:
“Blockchain.com Asset Management was launched in April 2022, just before the macroeconomic ailments collapsed. The cryptocurrency winter has been raging for extra than a 12 months, so we have had to make the selection to place this secondary organization on hold.”
Two months in the past, the Cayman Islands-based mostly firm confirmed yes it laid off 28% of its workforce due to the issues dealing with the cryptocurrency ecosystem as a entire. But this was Blockchain.com’s 2nd layoff in just seven months, immediately after admitting $270 million in damages given that the collapse of the investment fund Three Arrows Capital.
In relevant developments, in the previous, a lot of organizations have closed down to deal with the recent troubles. For instance, Solana Spaces, Galois Capital fund, ten-12 months-outdated P2P cryptocurrency exchange LocalBitcoins…
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