Blockchain.com, which was worth about $14 billion when BCAM was launched, created the asset management service in collaboration with Altis Partners.

The service was geared towards high-net-worth individuals and institutional investors and upsold the idea of investing in cryptocurrency with less risk due to “algorithm-based risk-managed exposure” – a string of words that don’t mean much, considering all trades, crypto or not, are done using algorithms. Margin calls, for instance, are technically based on an algorithm that reduces the risk for the broker.

At the time, Charlie McGarraugh, the chief strategy officer at Blockchain.com, believed the newly formed asset management arm was a great opportunity for investors worldwide.