Negative effects: Amber Group workforce to see 5-10% decline (report)

Blockchain company Amber Group will see its workforce decline in the range of 5%-10% this year.

The Singapore-based company has about 900 employees on its roster, which increased from about 200 to 300 before the 2021 bull market.

Reduce the number of employees

“We are currently reducing low-priority roles due to market conditions, and increasing the number of employees in high-priority roles,” the company’s co-founder Tian Tian Colander told Bloomberg, adding that the company is reviewing and adjusting global headcount every three months.

The company also hires at least 18 positions in various locations in the US, Singapore, Hong Kong and the UK, Bloomberg a report He said.

After a nearly year-long bull run, when the crash began in May, many of the leading crypto platforms were forced to announce abrupt layoffs.

Hopi They announced that they would cut at least 30% of their workforce, which was later emulated by other companies:

Currency base 18%, BlockFi 20%, Twins 10%, Blockchain.com 25%, open sea 20%, Banksa 25% and fold 30%.

$200 million in funding

In February Amber Collection Closed A $200 million Series B+ round at a $3 billion valuation was led by Temasek along with Sequoia China, Pantera Capital and Tiger Global Management, while Coinbase Ventures, among others, participated.

The company said it plans to use the fund for expansion and strategic acquisitions as well as other sustainable initiatives. Last year, the Amber Group raised $100 in the second round.

WhaleFin is the Amber Group’s digital asset platform for retail investors and traders, and has recently signed sponsorship agreements with Chelsea FC and Atletico Madrid.

In cost saving mode

In addition to layoffs, leading exchanges like FTX and CryptoCom have also pulled out of their expensive sports sponsorship deals, apparently as part of austerity measures during the current crypto winter. FTX, which paid $135 million for the naming rights for multi-purpose arcade game Miami Heat, was reported last time Withdrawn for a sponsorship deal with MLB’s Los Angeles.

Likewise, CryptoCom, which bought the naming rights to the Staples Center in Los Angeles for $700 million last year, got back from a $495 million sponsorship deal with the UEFA Champions League.

However, Binance and FTX have announced that they will expand their workforce, while paying tribute to Binance CEO Changpeng Zhao Harnesses of those who went on to get Super Bowl ads and stadium naming rights in a June tweet.

The effects of the drop appeared after: Amber Group workforce to see 5%-10% reduction (report) first on CryptoPotato.

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