to wind down its asset management arm is winding down its asset management arm, which launched last April.

The crypto startup has applied to strike the asset management subsidiary off the UK register and dissolve the company, according to a filing on Companies House.

Bloomberg reported earlier that the asset management arm, which was launched in partnership with Altis Partners, would be shutting down.

“ Asset Management launched in April 2022, shortly before macroeconomic conditions deteriorated rapidly,” a spokesperson said in an email to Bloomberg. “With crypto winter now approaching the one year mark, we made the business decision to pause operating this institutional product.”

The asset management service catered to institutional investors, family offices and high-net-worth individuals, according to a Bloomberg interview. had cut costs by laying off 28% of staff early this year, which came only months after it had raised an undisclosed amount of funding from UK-based investment firm Kingsway Capital. Its one of several crypto platforms taking cost-cutting measures, including Kraken and Coinbase.

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