Midas Crypto Investment firm closing down operations in the bear market

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Midas Investments is shutting down its platform after incurring heavy losses in the bear market.

Aimed at providing passive income stream to crypto holders, Midas investments has decided to shut down its platform entirely after incurring heavy losses. It’s the latest addition to the list of companies closing doors in the bear market.

Founded in 2018 by Trevor Levin, Midas is a custodial investment platform focused on generating DeFi yields for crypto investors. The platform has lost over $50 million after Celsius filed for bankruptcy.

The damage further increased after FTX crash, resulting in 60% of assets under management (AUM) being withdrawn by its customers. The move has left no breathing space for the firm to survive in the tough market conditions.

The company has further announced its plans to focus on centralized decentralized finance (CeDeFi), a new venture in the making.

As per the statement released by Levin, the new project will connect competing protocols with liquidity providers to offer a simplified yield for both CeFi and DeFi users.

In the meantime, Midas has disabled crypto deposits, swaps and withdrawals for some time until it straightens up its balance sheet.

2021 witnessed the meteoritic rise of crypto & NFT industry while 2022 is nothing but a nightmare for crypto firms. Big names, from Voyager Digital to FTX exchange fell from grace & are unable to survive the crypto winters on their own.

The market is in complete panic mode, especially after Binance FUD made rounds on the internet. All eyes are on the global crypto regulations which can bring some clarity in establishing a foundation for dealing with virtual digital assets (VDA).

Entering into 2023 won’t be easy for firms standing on the brink of collapse because the bear market isn’t showing any signs of slowing down at least for the next 6 months.

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