• Blockchain.com recently announced that it will be shutting down its asset management division, BCAM, after less than a year due to market conditions.
• The startup initially started out as a Bitcoin blockchain explorer in 2011 and later expanded into wallet services and cryptocurrency exchange hosting.
• BCAM was created in collaboration with Altis Partners and intended to provide high-net-worth individuals and institutional investors with “algorithm-based risk-managed exposure” when investing in crypto.
Blockchain.com Quits Asset Management
Blockchain.com recently announced their plans to wind down its asset management division, BCAM, after less than a year due to market conditions. The startup initially began as the first Bitcoin blockchain explorer back in 2011 and later expanded into providing wallet services, as well as hosting its own crypto exchange.
BCAM Launched in 2022
In 2022, the company decided to expand into asset management services and formed BCAM with the help of Altis Partners. It was intended for high-net-worth individuals and institutional investors who wanted “algorithm-based risk-managed exposure” when investing in crypto assets. Charlie McGarraugh, the Chief Strategy Officer at Blockchain.com believed this was an opportunity for investors all around the world at the time of launch.
Bear Market Causes Shutdown
Unfortunately, even after years of growth within Blockchain.com, they were unable to survive through the bear market causing them to close up shop on their asset management arm earlier this month. Despite having some innovative ideas surrounding algorithm based investments and risk reduction tactics regarding crypto investments – none of these features were enough to keep BCAM afloat during such unstable economic times within the industry itself.
What Does This Mean For Crypto?
The shutdown of Blockchain’s asset management division is unfortunate news for all those involved but does not necessarily mean bad news for cryptocurrency itself or other businesses like it – rather just a sign that businesses need to stay agile during uncertain times if they want to survive long term in these markets (which are known for being volatile). It also serves as a reminder that even established companies can fall victim if they do not adjust accordingly according to changing market conditions quickly enough – no matter how experienced they may be or have been previously successful before then!
Conclusion
In conclusion, although Blockchain’s Asset Management arm had some great ideas surrounding crypto investments – ultimately it wasn’t able to withstand long term during such turbulent times within the industry which led them to shut down operations earlier this month; however this doesn’t necessarily mean bad news for cryptocurrency or similar businesses – just that there is always an element of risk involved no matter what strategies you use when investing so it pays off (literally) if you keep up with changes happening within your specific sector!