to shutter asset management division will discontinue its asset management arm after less than a year of operation, according to a report from Bloomberg on March 9. will shut down subsidiary

Through its asset management division, offered an investment strategy that tracked the price of Bitcoin against the dollar. It also planned to offer “algorithm-based risk-managed exposure” to Bitcoin, according to Bloomberg reports. has not yet officially announced the decision. However, the subsidiary has applied to be removed from the U.K. companies register in a filing.

That filing, dated March 6, is currently visible to the public.

The company’s first gazette notice for voluntary strike-off, which will more broadly inform creditors of the subsidiary’s shutdown, will become public on March 14.

Asset management arm lasted less than one year’s short-lived asset management service went live just 11 months ago. performed strongly last year. Though it is now valued at just $3 billion to $4 billion, it completed a fundraiser that allowed it to reach a $14 billion valuation in March 2022. This allowed the firm to launch its asset management service that spring.

A spokesperson said that opened the service in April 2022 “shortly before macroeconomic conditions deteriorated rapidly.” Though the firm did not mention specific events, various crypto projects including Terra and Celsius collapsed at that time.

The decision is just one of Blockchain’s recent downsizing strategies. The firm laid off about 28% of its workforce in January following earlier layoffs in July 2022.

Decision should not affect most users

It does not appear that the decision will impact’s retail users. offers a moderately sized crypto exchange, with $3.2 million of trading volume in the past 24 hours, according to data from Coingecko.

The company also provides various other services including a cryptocurrency wallet, an on-chain data explorer, and various institutional services.

The company operates in the U.K. but serves users in multiple locations.

The post to shutter asset management division appeared first on CryptoSlate.


Share on facebook
Share on twitter
Share on pinterest
Share on linkedin

Follow Us

Most Popular

Get The Latest Updates

Subscribe To Our Weekly Newsletter

No spam, notifications only about new products, updates.
On Key

Related Posts

Finixio Crypto: From Online Marketing to Cryptocurrency Scams?

Cryptocurrency scams have been a constant threat to the industry since its inception. These scams not only drain funds from unsuspecting investors but also contribute to the negative perception of cryptocurrency as a whole. One such company that has been experimenting with online users’ psychology is Finixio crypto. In this article, we will delve into

Binance CFTC Lawsuit Has Enough To Affect Major Crypto Downtrend?

Crypto News: The Commodities Futures Trading Commission (CFTC) lawsuit against crypto exchange Binance changed the narrative in the market, but it remains to be seen if the move still has enough legs to affect a major downtrend in cryptocurrency prices. Although the news of the lawsuit led to significant drop in Bitcoin price, it continues

Miners Dumping Bitcoin To Crypto Exchanges, BTC Price Reversal Below $25K Likely

Bitcoin price fell from $28K to $26.5K after the US CFTC sued crypto exchange Binance and its CEO Changpeng “CZ” Zhao for violating U.S. crypto trading and derivatives regulations. The crypto market considers this move as a continued regulatory crackdown against crypto. With the crypto market already facing liquidity issues, action against Binance will further

XRP Lawyer: After CFTC, SEC Could Sue Binance Over Securities Offerings

Crypto News: The Commodity Futures Trading Commission’s (CFTC) lawsuit on crypto exchange Binance made waves in the market. But the CFTC’s views on crypto classification is becoming a much bigger debate as US regulators continue enforcement actions on crypto businesses. Meanwhile, the crypto market is perceiving this as a fight between the two regulatory agencies,