Blockchain.com has shut down its asset management division only 11 months after launching it.

 

Blockchain.com has shut down its asset management division only 11 months after launching it.  The company recently laid off almost one-third of its workforce. The company stated that the rough cryptocurrency market in the last 11 months is the reason behind its decision to pause operations in this department. Blockchain.com was in the process of going public in 2022, but the crypto winter derailed its plans. The company's current valuation is $3B, a 10x drop over its previous $13B valuation in 2022. After laying off almost 30% of its workforce in early 2023, the crypto exchange aims to become profitable by the end of the year.