- Blockchain.com is shutting down its London-based crypto asset administration agency.
- The agency has filed an software with the Firms Home to have its identify struck off the UK corporations register.
- The asset administration division’s closure comes simply 11 months after it was launched.
- The extended crypto winter and the present macroeconomic situations pressured the trade to sundown this division.
Blockchain.com’s crypto asset administration division has grow to be the newest casualty of the continuing crypto winter that has left dozens of crypto companies defunct in its wake. The crypto trade has determined to close down the London-based crypto asset administration arm, BCAM, simply 11 months after the division was arrange.
Blockchain.com blamed crypto winter for BCAM’s sundown
In response to a report by Bloomberg, the extended crypto winter paired with the present macroeconomic situations within the crypto market pressured Blockchain.com to sundown Blockchain.com Asset Administration BCAM.
Blockchain.com Asset Administration launched in April 2022, shortly earlier than macroeconomic situations deteriorated quickly. With crypto winter now approaching the one yr mark, we made the enterprise choice to pause working this institutional product,”
Blockchain.com spokesperson
As per a submitting with the Firms Home earlier this week, the crypto trade’s subsidiary has utilized to have its identify struck off from the UK corporations register. The signatures of the agency’s administrators dated 15 February signifies that the choice to droop BCAM’s operations was taken final month. A First Gazette discover issued by Firms Home famous that the asset administration agency’s identify could be struck off the register and dissolved “not lower than 2 months” from 14 March 2023.
BCAM was launched in partnership with Altis Companions in April final yr, only a week after the crypto trade’s funding spherical, which valued it at a whopping $14 billion. Chief Technique Officer Charlie McGarraugh said on the time that the first technique was to trace the worth of Bitcoin versus the greenback. BCAM supposed to supply its institutional purchasers publicity to Bitcoin and different tokens in DeFi.