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Blockchain.com halts asset management operations

The bear market takes its next victim.

By Mike Hesp
• 1 min read
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Blockchain.com halts asset management operations

The bear market claims its next victim. The crypto platform Blockchain.com is halting its asset-management activities.

Blockchain.com Exchange halts its asset-management activities. This reports Bloomberg. The company cites unfavorable macroeconomic conditions as the reason for the shutdown. The prolonged crypto winter has further worsened the situation, according to the company.

After a fundraising round in April last year, the platform started offering asset management for institutional clients for the first time. After eleven months, that is now over.

The crypto winter has led several companies to drastic decisions. Exchanges like Kraken and projects like Polygon laid off staff. Blockchain.com was not spared from layoffs either.

Despite slimming down the organization, Kraken has bigger plans. Earlier they indicated they wanted to open Kraken Bank.

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