Crypto exchange suspends its London operation

Cryptocurrency exchange Blockchain. com has suspended its London-based asset management operation less than a year after launching.

Blockchain.com Asset Management, aimed at providing cryptocurrency services to institutional investors, was opened last year after a funding round then valued the exchange at $14bn (£12bn). The venture, formed in partnership with hedge fund Altis Partners, has filed to be struck off the UK companies register.

It comes as crypto companies have downsized, cut costs or collapsed into bankruptcy amid low demand.

A spokesman said: “With the crypto winter approaching the one-year mark, we made the decision to pause operating this institutional product.”