Suspends Its Asset Management Subsidiary Launched in April: Report, a cryptocurrency financial services company, will suspend operations of its asset management subsidiary, according to a Bloomberg report published March 9. The service has been around for less than a year and appears to be the latest victim of the crypto winter.

The subsidiary, known as Asset Management, is based in London. It applied to be struck off the UK companies register on 5 March. The application itself dates from February 15. The company had not yet submitted its first financial statements. Asset Management opened in April 2022 in partnership with Altis Partners, which would manage its portfolios using technology. It promised to offer “regulated crypto investment products for institutional investors, family offices and high net worth individuals”.

Founded in 2011, opened the new subsidiary just after a funding round in which it increased its value from $5.2 billion to $14 billion. Standard Custody & Trust Company was also named a custody partner for the new subsidiary in April. A spokesperson told Bloomberg:

“ Asset Management was launched in April 2022, shortly before macroeconomic conditions rapidly deteriorated. As the crypto winter approaches the one-year mark, we have made the business decision to pause the operation of this institutional product.” did not immediately respond to a Cointelegraph investigation.

Related: Crypto companies cut nearly 3,000 jobs in January despite Bitcoin’s rise saw several milestones during the crypto winter. It received registration in several countries in the course of 2022. It also signed a custody agreement with Anchorage Bank in June, along with other trading platforms, and partnered with Visa to issue a crypto card in the United States in October.

Nevertheless, according to Bloomberg, the company will lay off 260 employees by 2023. Rumors circulated in February that it was in talks with other crypto companies about selling some of its assets or subsidiaries. A spokesperson denied those rumors to Cointelegraph.