mber Group, a blockchain company, will reduce its workforce by 5% to 10% this year. The Singapore-based firm employs approximately 900 people, with the number expected to rise from 200 to 300 before the 2021 bull market.

According to a report, the company is also employing at least 18 positions in the United States, Singapore, Hong Kong, and the United Kingdom.

When the meltdown began in May, several leading crypto platforms were forced to announce unexpected layoffs after nearly a year of the bull market. Huobi also announced plans to lay off at least 30% of its workforce, which other companies quickly followed.

The company closed a $200 million Series B+ round at a $3 billion valuation in February, led by Temasek with participation from Sequoia China, Pantera Capital, and Tiger Global Management, among others.

The fund will be used for development and strategic acquisitions, as well as other long-term initiatives, according to the company. Amber Group raised $100 in a Series B round last year. Its digital asset platform for individual investors and traders, WhaleFin, officially signed sponsorship agreements with Chelsea FC and Atletico de Madrid.

Cost-cutting plan

Aside from layoffs, leading trading platforms, including FTX and CryptoCom, have reportedly pulled out of costly sports sponsorship deals as part of the current crypto winter austerity programs. FTX, which paid $135 million for the naming rights to Miami Heat multipurpose arcade last year, is said to have backed out of a jersey patch endorsement deal with MLB's Los Angeles.

Similarly, CryptoCom, which paid $700 million for the naming rights to Staples Center in Los Angeles last year, has withdrawn from a $495 million sponsorship with UEFA's Champions League.

Binance and FTX, on the other hand, announced that they would be expanding their workforces, with Binance CEO Changpeng Zhao famously mocking those who paid for Super Bowl ads and stadium franchise rights in a June Tweet.

Do you think this will have a negative effect on the overall economy? Or will a downturn affect the avergae worker? let us know your views and opinions by sharing this article on your social media.

Sep 13, 2022
Crypto News

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