Blockchain.com Shuts Down Asset Management Services Within a Year: Report
Blockchain.com Shuts Down Asset Management Services After Less Than a Year
Blockchain.com, a leading cryptocurrency wallet and exchange platform, has announced the closure of its asset management services after less than a year of operation. The move comes as a result of the bear market that has hit the cryptocurrency industry hard in recent months.
Blockchain.com had launched its asset management service, BCAM, in collaboration with Altis Partners in 2022. The service was aimed at high-net-worth individuals and institutional investors, offering algorithm-based risk-managed exposure to cryptocurrency investments.
However, the service failed to gain traction in the market, and the company has decided to shut it down. Blockchain.com was valued at around $14 billion when it launched BCAM, but the bear market has taken a toll on its business.
In a statement, Blockchain.com said, “We have made the difficult decision to shut down our asset management services. We remain committed to our core business of providing secure and easy-to-use cryptocurrency wallet and exchange services to our customers.”
The closure of BCAM is a setback for Blockchain.com, which had been looking to diversify its business beyond its core wallet and exchange services. However, the company remains optimistic about the future of the cryptocurrency industry and is committed to providing its customers with the best possible services.
Blockchain.com started out as the first Bitcoin blockchain explorer back in 2011 and has since expanded into wallet services and hosting its own crypto exchange. The company has been a major player in the cryptocurrency industry and is expected to continue to be so in the years to come.