Blockchain.com Shutters Asset Management Subsidiary Amid Crypto Winter and Industry Turmoil – Bitcoin News

on the news. “Scoop: [Blockchain.com] has suspended its asset management arm, moving to shut down the unit exactly 11 months after it launched. In that time, the firm cut hundreds of jobs and saw its valuation potentially slashed to a fraction of its former $14 [billion in] size,” Nicolle tweeted. Nicolle reached out to Blockchain.com, and a spokesperson provided a comment about the BCAM situation.

“Blockchain.com Asset Management launched in April 2022, shortly before macroeconomic conditions deteriorated rapidly,” a spokesperson told Nicolle by email. “With the ‘crypto winter’ now approaching the one-year mark, we made the business decision to pause operating this institutional product.” BCAM was formed through a partnership between Blockchain.com and Altis Partners. When BCAM was announced, it was meant to attract high-net-worth individuals, institutional investors, and family offices.

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