Amber Group, one of the largest cryptocurrency exchanges in Asia, is making massive staff layoffs and cutbacks amid the impact on the crypto market of the collapse of FTX.com.
According to Bloomberg, the company will reduce its staff from the 700 employees it currently has to under 400. Amber had at one point reached 1,100 employees.
At the same time, Amber will also reduce its customer base, with the number of clients expected to drop to 100 from the current few hundred, with a focus on affluent clients and large organizations.
In addition, the company will move to cheaper offices for its Hong Kong headquarters, locking out other offices it has in Asia.
Finally, it is expected to end the commercial agreement it signed in May with English football club Chelsea for advertising on the club’s shirt, worth £25 million.
Amber has in recent times been seen as a candidate for the next “cannon” in the crypto market, in the wake of bankruptcies that have been reeling companies in the industry due to the fallout from the collapse of Sam Bankman-Fried’s FTX.
Previous Articles:
- Coinbase sides with Circle’s stablecoin in its competition against Tether
- Crypto.com proves its customer’s reserves
- Cuba and its blackouts could drive cryptocurrency mining on the island to extinction
- Decentraland allows you to rent your digital property
- Polygon prepares to host a Web3 music platform with Warner Music Group Involved In
