2018 has been a difficult year for the space and for virtual currency companies. However, in the United Kingdom, there were 817 crypto companies registered in 2018. At the same time, there were also 342 crypto companies dissolved or liquidated in 2018.
The information was released by two firms called Companies House and OpenCorporate and analyzed by SkyNews.
Although this is very positive, the number of new companies registered is growing more slowly than the number of dissolved businesses. This happens for the very first time in the United Kingdom, according to the report.
During this year, virtual currencies lost more than 80% of their value and some others were down more than 95%. This has affected several companies in the space that had to shut their operations down.
SkyNews says that some companies benefited a lot from the bull market experienced in 2017. For example, shares in a company called Long Island Iced Tea grew around 290% after it changed its name to Long Blockchain.
However, this company did not end well. The Nasdaq stock expelled it and the U.S. Securities and Exchange Commission (SEC) has issued a subpoena. Several businesses that changed their names are no making reference to Bitcoin or any other virtual currency after the problems that other firms had.
ConsenSys, a company that builds infrastructure on top of Ethereum and supports startups, is analyzing the possibility of firing around 50% to 60% of its employees. Other Initial Coin Offerings (ICOs) and projects have been taking similar decisions to face the current bear market.