Blockchain.Com Quits Asset Management After Less Than a Year: Report
The startup’s asset management division, BCAM, announced its plans to wind down due to market conditions. Following years of growth, the company decided that 2022 was the year they would expand into asset management services. Unfortunately, the years of experience did not save the firm from the bear market.
Blockchain.com, which was worth about $14 billion when BCAM was launched, created the asset management service in collaboration with Altis Partners. The service was geared towards high-net-worth individuals and institutional investors and upsold the idea of investing in cryptocurrency with less risk due to “algorithm-based risk-managed exposure” – a string of words that don’t mean much, considering all trades, crypto or not, are done using algorithms. Margin calls, for instance, are technically based on an algorithm that reduces the risk for the broker.
Source
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