Amber Group, which is backed by Temasek and Sequoia Capital, is also laying off around 300 staff to slash its workforce to less than 400, at its peak it employed more than 1,100, the report said.
The sponsorship saw Chelsea show the logo of Amber’s WhaleFin trading platform on their shirts for the duration of the current 2022/2023 season. The decision to reduce its workforce and scrap the sponsorship, which was announced just seven months ago, comes during a cyclical lull in the crypto market that prompted the collapse of numerous key companies including FTX, BlockFi and Celsius Network.
The crypto trader is also winding down its retail operations, a move that will see its customer base fall to around 100 from hundreds of thousands as it focuses on institutional investors and family offices. Amber also raised just half of a planned $100 million round and halted its expansion plans, accordingOn-chain analysts have suggested that Amber Group may follow in the footsteps of Alameda Research, the trading firm tied to FTX that imploded last month, with
ambergroup_io ChelseaFC OKnightCrypto I never had a good feeling about this company. Earlier this year they were very aggressively doing recruitment hunting for people with existing 'big fish' contacts that could immediately invest. Immediate blacklist for me.
ambergroup_io ChelseaFC OKnightCrypto Another one bites the dust.
ambergroup_io ChelseaFC OKnightCrypto Fair to say we are seeing plenty of similar changes in crypto these days.
ambergroup_io ChelseaFC OKnightCrypto Are the moves by Amber just the latest indication of the diminished outlook for virtual assets following the spectacular bankruptcy of Sam Bankman-Fried’s FTX exchange and sister trading house Alameda Research a month ago?
ambergroup_io ChelseaFC OKnightCrypto Best day in my life!!!
ambergroup_io ChelseaFC OKnightCrypto The platform has really helped me
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