suspends its asset management subsidiary launched in April: Report

Cryptocurrency financial services company will suspend operations of its asset management subsidiary, according to a Bloomberg report published March 9. The service had existed less than a year and appears to be the latest casualty of the crypto winter.

The subsidiary, known as Asset Management, is based in London. It applied to be removed from the U.K. companies register on March 5. The application itself is dated Feb. 15. The company had not yet filed its first annual account. Asset Management was opened in April 2022 in partnership with Altis Partners, which was to manage its portfolios using technology. It promised to offer “regulated crypto investment products for institutional investors, family offices and high net worth individuals.”, which was founded in 2011, opened the new subsidiary just after a funding round in which it had raised its valuation from $5.2 billion to $14 billion. Standard Custody & Trust Company was named the custody partner for the new subsidiary also in April. A spokesperson told Bloomberg:

“ Asset Management launched in April 2022, shortly before macroeconomic conditions deteriorated rapidly. With crypto winter now approaching the one year mark, we made the business decision to pause operating this institutional product.” did not immediately respond to a Cointelegraph enquiry.

Related: Crypto firms cut nearly 3,000 jobs in January despite Bitcoin’s rise saw several landmarks during the crypto winter. It received registration in several countries in the course of 2022. It also entered into a custody agreement with Anchorage Bank along with other trading platforms in June, and partnered with Visa to issue a crypto card in the United States in October.

Nonetheless, according to Bloomberg, the company laid off 260 employees in 2023. In February, rumors emerged that it was in talks with other crypto firms about selling some of its assets or subsidiaries. A spokesperson denied those rumors to Cointelegraph.

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