Blockchain.com halts crypto asset management service nearly a year after launch

Mar. 09, 2023 7:07 PM ETBy: Jessica Kuruthukulangara, SA News Editor

Cryptocurrency brokerage Blockchain.com is reportedly halting its asset management service nearly a year after it was first launched, owing to the prolonged crypto winter.
The London-based unit, Blockchain.com Asset Management, applied to be taken off the U.K. companies register earlier this week.
"With crypto winter now approaching the one-year mark, we made the business decision to pause operating this institutional product," a spokesperson told Bloomberg.
The unit was formed in partnership with investment manager Altis Partners, bringing regulated crypto investment products for institutional investors, family offices and high net worth individuals.
The service is no longer listed on Blockchain.com's website.
The development comes months after the company announced a second round of job cuts, laying off 28% of its headcount.