Effects of the recession: 5 to 10% reduction in the workforce of the Amber Group (report)

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Blockchain company Amber Group will see a workforce reduction of around 5% to 10% this year.

The Singapore-based company has around 900 employees on its rosters, dropping from around 200 to 300 ahead of the 2021 bull market.

Downsize

“We are currently reducing lower priority positions given market conditions and increasing headcount in higher priority positions,” company co-founder Tiantian Kullander told Bloomberg, adding that the company is reviewing and adjusting headcount. worldwide every quarter. .

The company is also hiring for at least 18 positions across locations in the US, Singapore, Hong Kong and the UK, a Bloomberg report said.

After nearly a year of a bull market, when the slump began in May, several major crypto platforms had to announce sudden layoff plans.

Houbi announced the reduction of at least 30% of its workforce, which was later imitated by other companies:

Coinbase 18%, BlockFi 20%, Gemini ten%, Blockchain.com 25%, OpenSea 20%, Banxa 25%, and Vault 30 %.

Funding of $200 million

In February, Amber Group firm a Series B+ round of $200 million to $3 billion in valuation, led by Temasek with Sequoia China, Pantera Capital, and Tiger Global Management, while also seeing participation from Coinbase Ventures, among others.

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

WhaleFin is Amber Group’s digital asset platform for individual investors and traders, and it recently signed sponsorship deals with Chelsea FC and Atletico de Madrid.

In cost reduction mode

Along with the layoffs, major trading platforms such as FTX and CryptoCom have also pulled out of expensive sports sponsorship deals, apparently as part of the current crypto winter austerity measures. FTX, which paid $135 million for the naming rights to the multipurpose arcade Miami Heat last, reportedly got out of a jersey crest sponsorship deal with MLB’s Los Angeles.

Similarly, CryptoCom, which bought the naming rights to the Staples Center in Los Angeles for $700 million last year, has backward of a $495 million sponsorship deal with the UEFA Champions League.

However, Binance and FTX have announced that they will strengthen their workforces, with Binance CEO Changpeng Zhao famous mocking of those who opted in to Super Bowl ads and stadium naming rights in a Tweet in June.

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