Blockchain.com will discontinue its recently-opened asset management arm, Bloomberg News reported March 9.
Through that division, the company offered an investment vehicle that tracked the price of Bitcoin against the dollar. It also planned to offer “algorithm-based risk-managed exposure” to Bitcoin, according to statements previously provided to Bloomberg.
The short-lived service went live 11 months ago.
A spokesperson said that Blockchain.com opened its asset management service “in April 2022, shortly before macroeconomic conditions deteriorated rapidly.”
The decision is just one of Blockchain’s recent downsizing strategies. The firm laid off about 28% of its workforce in January after earlier layoffs in July 2022.
It does not appear that the decision will impact Blockchain.com’s retail exchange.
More details to follow…
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