Crypto financial services company Blockchain.com has suspended operations for its recently launched asset management arm, citing the prolonged crypto winter as the cause. BCAM (Blockchain.com Asset Management) was created in April 2022 to attract institutional investors and provide value-added services.
Due to the fact that the crypto industry soon entered a period of turbulence as asset prices plummeted following the bankruptcy of crypto lender Celsius Network and other prominent firms, Blockchain.com has decided to suspend BCAM operations.
A spokesperson said, “Blockchain.com Asset Management launched in April 2022, shortly before macroeconomic conditions deteriorated rapidly. However, with crypto winter approaching the one-year mark, we decided to pause operating this institutional product.”
In January, the Cayman Islands-based company also announced that it was downsizing its workforce by 28%, citing difficulties within the cryptocurrency ecosystem in 2022.