• Blockchain.com is suspending operations of its recently launched asset management arm due to the prolonged crypto winter.
• The business was launched just 11 months ago, in April 2022 but has been affected by the downturn in the crypto market.
• In January, Blockchain.com announced it was laying off 28% of its workforce due to these challenges.
FinanceBlockchain.com Pauses Asset Management Arm
FinanceBlockchain.com, a crypto financial services company, has decided to suspend operations of its recently launched asset management arm due to the prolonged crypto winter. The business was launched just 11 months ago in April 2022 and had been affected by the downturn in the crypto market and other challenges that have arisen since then.
Reason for Suspension
The company’s spokesperson stated that they made this decision because macroeconomic conditions had deteriorated rapidly since their launch, leading them to pause operating this institutional product as a result of these challenging times for the cryptocurrency industry.
Layoffs Announced in January
In January 2021, Blockchain.com announced that it would be letting go 28% of its workforce due to issues arising from these difficult market conditions and an overall lack of growth within the industry during this time period.
Aims To Attract Institutional Investors
BCAM (Blockchain Asset Management) was created with hopes to attract more institutional investors when it first opened up last year but unfortunately did not achieve this goal given current market conditions and other factors affecting investor sentiment towards cryptos at present time..
Conclusion
Ultimately, Blockchain’s decision serves as an example of how much impact the bearish markets can have on businesses operating within them- even those with such high ambitions like BCAM’s original goals were unachievable given current conditions within cryptocurrencies today..