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Blockchain.com to halt operations of its asset management subsidiary

Blockchain.com, a cryptocurrency financial services company, will discontinue its asset management subsidiary-based operations. It’s believed that the service’s time period has been 12 months and is believed to have faced crypto winter implications, as stated by Cointelegraph.

According to Cointelegraph, the subsidiary called Blockchain.com Asset Management is situated in London. On March 5, 2023, the platform filed for removal from United Kingdom companies register, with the application being dated for February 15, 2023. 

Based on information by Cointelegraph, Blockchain.com Asset Management started functioning in April, 2022, in collaboration with Altis Partners. Sources suggest that the platform expressed desire to provide “regulated crypto investment products for institutional investors, family offices and high net worth individuals.” 

“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,” a spokesperson stated. 

Moreover, Cointelegraph noted Blockchain.com secured registration in different countries over 2022. The platform completed custodial agreements with Anchorage Bank and other trading platforms in June, 2022, along with a Visa partnership.

(With insights from Cointelegraph)

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