Closes Asset Management Arm After Prolonged Crypto Winter

• Asset Management (BCAM) has suspended its operations due to the prolonged crypto winter.
• The firm launched the subsidiary in April 2022, but faced a rough patch shortly after with asset prices rapidly plummeting.
• made several milestones during the crypto winter, such as receiving registration in multiple countries and partnering with Visa to issue a crypto card in the US. Suspends Asset Management Arm, a crypto services company, is suspending operations of its asset management subsidiary due to the ongoing crypto winter which has lasted for over a year now. The London-based subsidiary was operational for less than a year and had applied to be removed from the United Kingdom companies register on March 5th this year without having filed its first annual account yet.

Asset Management Subsidiary Launched

The parent company of founded in 2011 opened their new asset management subsidiary shortly after receiving funding that increased its valuation to $14 billion on Terminal and potentially even more soon on web too. This arm was intended to manage portfolios using Blockchain technology and promised to offer regulated crypto investment products for institutional investors, family offices, and high-net-worth individuals when it launched in April 2022.

Crypto Winter Hits Crypto Industry Hard

Unfortunately, shortly after launch, the industry hit a rough patch with asset prices plummeting rapidly due to bankruptcy of crypto lender Celsius Network and other prominent firms within the space falling too at around this time last year leading into what is known as ‘crypto winter’ – an extended period of bearish market conditions across all markets related to cryptocurrency or blockchain technology investments or activities.

Milestones Achieved During Crypto Winter

Despite these trying times, Blockchain managed several milestones throughout 2022 such as receiving registration in multiple countries throughout 2022 including entering into custody agreement with Anchorage Bank & other trading platforms in June before partnering with Visa shortly afterwards to issue a crypto card in the United States by October last year – allowing users access funds through their Visa debit cards anywhere that accepts Visa cards worldwide while earning rewards points too!

Decision To Pause Institutional Product Operations

With no end seemingly approaching for this bear market conditions within the space just yet – BCAM has made business decisions recently such as letting go 28% of its workforce back in January before pausing its institutional product operations altogether now apparently citing these circumstances around cryptocurrencies being difficult currently for them hence making this decision necessary for them right now unfortunately!