Shutters Crypto Asset Management Arm Less Than 1 Year After It Launched, one of the leading digital currency wallet and exchange platforms, has shut down its asset management arm less than a year after its launch. The company cited regulatory hurdles as the main reason for shuttering the initiative, which aimed to offer investors exposure to cryptocurrency portfolios. This move comes in the wake of stricter regulations and increased scrutiny by regulators worldwide, highlighting the challenges faced by crypto companies. Despite this setback, remains a highly respected player in the crypto industry, with its secure and user-friendly wallet and exchange services still going strong. has announced the suspension of its asset management arm due to the prolonged bearish market cycle in the cryptocurrency industry, as reported by Bloomberg. The firm cites challenging market conditions as the reason for its decision, which comes less than a year after the launch of the service. Last year, raised its valuation from $5.2 billion to $14 billion, enabling it to launch its asset management service. This move is one of several measures taken by, which recently laid off 28% of its personnel as a direct result of the prolonged downturn. The subsidiary has applied to be removed from the UK businesses registry, and the company’s first gazette notice for voluntary strike-off will be published on March 14.

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