Crypto financial services company Blockchain.com is suspending operations of its recently-launched asset management arm, citing the prolonged crypto winter as the reason for its decision, according to a Bloomberg report.

Blockchain.com Asset Management, or BCAM, was started in April 2022 in an effort to attract institutional investors. Shortly after, the crypto industry hit a rough patch, with asset prices falling rapidly following the bankruptcy of crypto lender Celsius, and continuing with the fall of multiple other prominent crypto firms.