CryptocurrencyCryptocurrency TrendsNews

Blockchain.com Shutting Down Asset Management Unit, Cites Bumpy Crypto Winter

The prominent crypto financial service provider in Luxembourg, Blockchain.com, has announced plans to seize the operation of its asset management unit. An official announcement from Blockchain.com dated March 9 revealed that the prolonged crypto winter and impulses of the macroeconomic condition prompted the company to sunset its London asset management unit (BCAM).

The BCAM initiative has been running since April 2022, aiming to provide institutional investors with various asset management products.

Impact of Crypto Winter

The Blockchain.com team lamented that the ripple effect of 2022’s crypto winter continues to follow its asset management arm. The team revealed that its BCAM unit has been under intense pressure following the downfall of Celsius Network, which has plunged best-performing crypto firms into a liquidity crisis. 

Therefore, these uncertainties in the crypto industry and price fluctuation compells Blockchain.com to halt the provision of value-added services and products by the BCAM team.

📰 Also read:  Ontario Man Loses $188,000 in Crypto Scam: Details

A report from a Blockchain.com spokesperson revealed that the BCAM unit has been operational for 11 months and was tasked to develop unique asset products to attract larger audiences from institutional investors.

Closure of Asset Management  

In the report, the spokesperson blamed the macroeconomic condition and crypto market turmoil that resulted in the closure of BCAM.

Besides the unplanned shutdown of BCAM, Blockchain.com management reduced its headcount by 28% at the beginning of the previous trading year due to uncertainty in the crypto market. The  Blockchain.com has joined other crypto firms closing their core units to survive the prolonged winter. 


At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.

📰 Also read:  Crypto Winners and Losers of 2024 - A Year of Hacks and All-Time Highs

Kimberly Crain

Kimberly Crain is a seasoned crypto trader and writer, offering valuable insights into the digital asset market. With expertise in trading strategies and a passion for blockchain technology, her concise and informative articles empower readers to navigate the evolving world of cryptocurrencies.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content