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Citing the strong deterioration in the macroeconomic data, Blockchain.com decided to shutdown BACM that served institutional players. The crypto market turmoil and liquidity issues have been impacting several crypto firms. Popular crypto startup Blockchain.com has decided to shut down its UK-based crypto asset management arm. According to the filing on Companies
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Cryptocurrency financial services company Blockchain.com will suspend operations of its asset management subsidiary, according to a Bloomberg report published March 9. The service had existed less than a year and appears to be the latest casualty of the crypto winter.The subsidiary, known as Blockchain.com Asset Management, is based in London.
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Blockchain.com Asset Management, or BCAM, was started in April 2022 in an effort to attract institutional investors. Shortly after, the crypto industry hit a rough patch, with asset prices falling rapidly following the bankruptcy of crypto lender Celsius Network, and continuing with the fall of multiple other prominent crypto firms. Source
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Blockchain.com has, however, disputed the claims by the CoinFLEX exchange, citing that there are no documentations or on-chain data to support the argument. A Singapore-based law firm, Nine Yards Chambers LLC, has claimed that Blockchain.com – a veteran crypto firm – has failed to repay $4.3 million in FLEX coins
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Cryptocurrency exchange and financial services firm Blockchain.com has denied attempts to sell assets or subsidiaries, and it is not in talks with other crypto firms about possible deals, a spokesperson told Cointelegraph on Feb. 18. According to reports citing anonymous sources, executives of the company discussed selling parts of its business
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ALSO: Bitcoin had its best day in two months after the Consumer Price Index (CPI) report shows inflation slowdown, extending this week’s digital-asset rally. Source
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“The crypto ecosystem is facing significant headwinds as its course corrects from the challenges of the last year,” said a Blockchain.com representative via email. “To better balance product offerings with demand, we’ve made the difficult decision to reduce operating costs and headcount to rightsize the company." Source
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Blockchain.com's founder and CEO, Peter Smith, believes on-chain analytics will play a significant role in locating the missing FTX funds, though it will have its limitations.On Dec. 20, Fox Business host Liz Claman said that blockchain’s selling point was that it makes crypto transactions transparent and traceable, asking Smith the
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