- We are talking about the firm Blockchain.com Asset Management
- The closure was due to financial difficulties.
Crypto exchange Blockchain.com spoke with an important announcement. They are winding down their UK asset management arm due to the prolonged crypto winter.
We are talking about a subsidiary of Blockchain.com Asset Management, or BCAM, which began operations in April last year. This firm was supposed to serve institutional investors. But the business opened at a bad time: due to the bankruptcy of the 3AC hedge fund, they lost $270 million in loans.
In January, Blockchain.com laid off 110 employees (28% of its staff). And in July, the company cut 150 jobs.
The brand has recently made attempts to raise additional capital for its development. There were even rumors that they were planning to sell their business. But later the management denied this information.
According to reports from anonymous sources, the head of Blockchain.com did discuss selling some of his assets to other crypto companies in December and January. The main interest in the negotiations was the Coinbase exchange.
Blockchain.com claims to have over 37 million active customers in 200 countries. In March 2022, the firm received additional funding from global venture capital firm Lightspeed Ventures and investment firm Baillie Gifford & Co. At that time, the platform’s valuation had risen to $14 billion.
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