- Blockchain.com recently launched their asset management service BCAM, but due to the bear market, they have decided to wind down.
- BCAM was created in collaboration with Altis Partners and was geared towards high-net-worth individuals and institutional investors.
- At the launch of BCAM, Charlie McGarraugh, the chief strategy officer at Blockchain.com, believed it was a great opportunity for investors worldwide.
Blockchain.Com Quits Asset Management After Less Than a Year: Report
Blockchain.com started out as the first Bitcoin blockchain explorer back in 2011 and later expanded into wallet services, as well as hosting its own crypto exchange. Following years of growth, the company decided that 2022 was the year they would expand into asset management services with their new arm BCAM (Blockchain Capital Asset Management). Unfortunately, due to market conditions, they announced plans to wind down this service.
BCAM was created in collaboration with Altis Partners and was geared towards high-net-worth individuals and institutional investors who wanted to invest in cryptocurrency but with less risk due to “algorithm-based risk-managed exposure”. At the time of launch Charlie McGarraugh, the chief strategy officer at Blockchain.com believed it could be a great opportunity for investors worldwide.
The Bear Market Impact
The bear market had an impact on BCAM’s success causing them to decide to wind down the asset management division after just under a year of operation. Blockchain.com was worth about $14 billion when BCAM launched which makes this decision even more surprising – especially considering how experienced many members of their team were when it comes to crypto investments.
It is unclear what will happen next for Blockchain.com or for any other crypto projects looking to move into asset management; however this does seem like a lesson for those looking to get involved in such ventures – no matter how much experience one has entering into an industry like crypto can always have its risks associated with it!