According to Cryptopotato, Blockchain.com is a company that has been active in the cryptocurrency industry since 2011. Originally focusing on exchange services, the company has since expanded into wallet services, seeking to offer high-quality products and services to its customers.
One of Blockchain.com’s endeavors was the creation of an asset management division in partnership with Altis Partners. This division targeted high-net-worth individuals and institutional investors, offering algorithmic risk management and exposure to create a good risk-reward ratio. Although these claims are common in a market heavily reliant on algorithms, the company believed in the value of its asset management services.
Blockchain.com Worked Only For a Year
Blockchain.com’s peak valuation reached over $14 billion, with the company expanding its services to include asset management. In partnership with Altis Partners, the asset management division targeted high-net-worth individuals and institutional investors with the promise of good risk-reward ratios through algorithmic risk management and exposure.
However, given its heavy reliance on algorithms, this promise of algorithmic risk management and exposure was common in the cryptocurrency industry. As a result, despite the Chief Strategy Officer’s optimism and confidence in the asset management division, the company faced significant challenges in the bear market and struggled to maintain its momentum.
Unfortunately, just 11 months after the CSO expressed his support for the asset management division, Blockchain.com filed a request to be removed from the UK Companies Register, as reported by Bloomberg.
The Crypto Winter is to Blame
According to a spokesperson from Blockchain.com, the decision to be removed from the UK Companies Register came after a rough ride in 2022 that saw many companies face the ax. The cryptocurrency winter was thorough in the industry, destroying many companies that had started during the bull run.
Blockchain.com was not immune to the challenges of the market, and it remains to be seen when exactly the company will close down or how they plan to handle its asset liquidation. However, the decision to remove themselves from the UK Companies Register suggests that they are not planning to continue their operations in the UK.
Square Enix to Join The Blockchain Gaming Space
In other news, it has become increasingly evident that Square Enix is setting its sights on entering the blockchain space. The company has recently seen a significant uptick in its efforts in this regard, with reports indicating that they have sold off some of its prized intellectual properties (IPs), such as Tomb Raider, Deus Ex, and Legacy of Kain, to ramp up their mission of starting new projects, particularly in the infamous Web 3 realm.
Despite the recent dip in the hype around blockchain, Square Enix appears to remain committed to their blockchain ambitions. They have announced that they will release their first game, Symbiogenesis, marking their first NFT project. Additionally, the company has doubled down on its blockchain plans, as they revealed in their Q4 meeting, in which one of the questions was geared towards their release plans for the 2024 fiscal year.
According to the company president, Yosuke Matsuda, major launches will be concentrated in the FY2024/3 period as they organize their pipeline to have smooth schedules. This statement suggests that Square Enix is serious about their blockchain endeavors and is taking the necessary steps to ensure its blockchain projects’ successful and timely release.