Amber Group decides to trim off 5-10% of its staff

Leading digital asset company Amber Group has reportedly decided to reduce its workforce by 5%-10% in 2022. 

During an interview with Bloomberg, the company’s co-founder Tiantian Kullander said that the company is currently reducing roles with a “lower priority” amid the current market conditions. However, he added that Amber Group reviews and modifies global headcount every quarter and is increasing headcounts in roles that are higher in priority.

According to a Bloomberg report, the company is also searching for at least 18 roles at various locations in the United States, Singapore, Hong Kong, and the United Kingdom.

Mass layoff by major firms

When the bear market intensified in May, several major cryptocurrency platforms had to make abrupt layoff announcements.

Huobi announced that it would be laying off at least 30% of its workers. Other large companies including Amber Group soon followed suit, with Coinbase cutting jobs by 18%, BlockFi by 20%, Gemini by 10%, Blockchain.com by 25%, OpenSea by 20%, Robinhood by 23%, Banxa by 25%, and Vauld by 30%.

Along with layoffs, well-known trading platforms like FTX and Crypto.com have reportedly canceled major sports sponsorship agreements as part of the current crypto winter’s austerity measures.

Crypto.com, which paid a staggering $700 million for the name rights to the Staples Center in Los Angeles last year, has canceled a $495 million sponsorship deal with UEFA’s Champions League.

However, Binance and FTX said they would be expanding their staff during these times. In a tweet from Changpeng Zhao, CEO of Binance, he made fun of people who chose to buy Super Bowl advertisements and stadium naming rights.

Expansion efforts by Amber Group 

It is important to note that Amber Group, which has its headquarters in Singapore, now employs roughly 900 people, up from 200 to 300 just before the bull market of 2021.

Temasek, Sequoia China, Pantera Capital, and Tiger Global Management, among others, closed a $200 million Series B+ round at a $3 billion valuation for Amber Group in February.

The company stated that it intended to use the funds for both expansion and strategic acquisition, as well as other environmentally friendly projects. Amber Group received $100 in the Series B round last year.