Crypto News Shuts Down Asset Management Subsidiary Amid Crypto Winter and Industry Turmoil –

According to reports and a filing showing his name has been removed from UK company registers incorporated its subsidiary Asset Management. A company spokesman cited deteriorating “macroeconomic conditions” and the “crypto winter” as some of the reasons behind the shutdown of institutional business.

The Impact of Crypto Winter on the Cryptocurrency Industry

For the past two days, crypto winter bearish pressure seems to be sustained as global cryptomarket capitalization down 6.82% to $931 billion in the last day. Additionally, there has been contagion from failing crypto firms and bankruptcies across the industry, as well as significant layoffs, with no firm appearing to have been spared. It was widely reported on Friday that was halting its London-based subsidiary Asset Management (BCAM), and market watchers noted that the company had been delisted from UK company registers.

A company spokesman spoke Emily Nicolea Bloomberg News correspondent who was report first in the news. “Scoop: [] closed its Wealth Management division and filed for closure of the entity exactly 11 months after its inception. In that time, the company has cut hundreds of jobs and potentially lowered its valuation to a fraction of its previous $14 [billion in] Greatness,” Nicolle tweeted. Nicolle reached out to and a spokesperson commented on the BCAM situation.

“ Asset Management launched in April 2022, just before macroeconomic conditions began to deteriorate rapidly,” a spokesman told Nicolle via email. “With ‘crypto winter’ now approaching the one-year mark, we have made the business decision to discontinue operations of this institutional product.” BCAM was formed through a partnership between and Altis Partners. When BCAM was announced, it was intended to attract high net worth individuals, institutional investors, and family offices.

What do you think the future holds for cryptocurrency companies given the ongoing challenges facing the industry such as the crypto winter and increasing regulation? Do share your thoughts in the comment section below. Shuts Down Asset Management Subsidiary Amid Crypto Winter and Industry Turmoil –, Crypto Trading News

Jamie Redman

Jamie Redman is the news director at News and a Florida-based financial technology journalist. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for News about today’s emerging disruptive protocols.

photo credit: Shutterstock, Pixabay, Wiki Commons, T. Schneider /

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Source: Crypto News Deutsch

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