Blockchain.com is shutting down its London-based crypto asset management firm.
The firm has filed an application with the Companies House to have its name struck off the UK companies register.
The asset management division’s closure comes just 11 months after it was launched.
The prolonged crypto winter and the current macroeconomic conditions forced the exchange to sunset this division.
Blockchain.com’s crypto asset management division has become the latest casualty of the ongoing crypto winter that has left dozens of crypto firms defunct in its wake. The crypto exchange has decided to shut down the London-based crypto asset management arm, BCAM, just 11 months after the division was set up.
Blockchain.com blamed crypto winter for BCAM’s sunset
According to a report by Bloomberg, the prolonged crypto winter paired with the current macroeconomic conditions in the crypto market forced Blockchain.com to sunset Blockchain.com Asset Management BCAM.
Blockchain.com Asset Management launched in April 2022, shortly before macroeconomic conditions deteriorated rapidly. With crypto winter now approaching the one year mark, we made the business decision to pause operating this institutional product,”
As per a filing with the Companies House earlier this week, the crypto exchange’s subsidiary has applied to have its name struck off from the UK companies register. The signatures of the firm’s directors dated 15 February indicates that the decision to suspend BCAM’s operations was taken last month. A First Gazette notice issued by Companies House noted that the asset management firm’s name would be struck off the register and dissolved “not less than 2 months” from 14 March 2023.
BCAM was launched in partnership with Altis Partners in April last year, just a week after the crypto exchange’s funding round, which valued it at a whopping $14 billion. Chief Strategy Officer Charlie McGarraugh stated at the time that the primary strategy was to track the price of Bitcoin versus the dollar. BCAM intended to offer its institutional clients exposure to Bitcoin and other tokens in DeFi.