Blockchain.com suspends its asset management subsidiary launched in April: Report

cointelegraph.com:

Cryptocurrency financial services company Blockchain.com will suspend operations of its asset management subsidiary, according to a Bloomberg report published March 9. The service had existed less than a year and appears to be the latest casualty of the crypto winter.

The subsidiary, known as Blockchain.com Asset Management, is based in London. It applied to be removed from the U.K. companies register on March 5. The application itself is dated Feb. 15. The company had not yet filed its first annual account.

Blockchain.com Asset Management was opened in April 2022 in partnership with Altis Partners, which was to manage its portfolios using Blockchain.com technology. It promised to offer “regulated crypto investment products for institutional investors, family offices and high net worth individuals.”

scoop: @blockchain 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 $14bn size on Terminal now, web soon pic.twitter.com/PhaKP0a6mk

Blockchain.com, which was founded in 2011, opened the new subsidiary just after a funding round in which it had raised its valuation from $5.2 billion to $14 billion. Standard Custody & Trust Company was named the custody partner for the new subsidiary also in April. A spokesperson told Bloomberg:

Blockchain.com did not immediately respond to a Cointelegraph enquiry.

Related: Crypto firms cut nearly 3,000 jobs in January despite Bitcoin’s rise

Blockchain.com saw several landmarks during the crypto winter. It received registration in several countries in the course of 2022. It also entered into a custody agreement with Anchorage