After 11 months of operation, Blockchain.com is suspending its asset management division.

This comes shortly after the company closed a $14 billion funding round in April 2022.

A spokesman for the parent company has stated that this business decision was made as “the crypto winter approaches the one-year mark.”

In July 2022 and January 2023, Blockchain.com also underwent a series of layoffs and salary cuts. According to CoinGecko, in January 2023 alone, 2,806 people lost their jobs in the crypto industry, with 84% of these layoffs occurring at exchanges.

Platforms such as Coinbase, Crypto.com, Luno, and Huobi have all announced staff optimizations. The UK-based entity has already filed an application to withdraw registration, and has not yet published an annual report.