Cryptocurrencies
Crypto’s Amber to End Chelsea Sponsorship, Axe Over 40% of Jobs in FTX Fallout
- Darling of former crypto boom will also scrap retail operation
- Digital-asset outlook withering after collapse of FTX exchange
Amber’s WhaleFin trading platform logo on the sleeve of a Chelsea jersey.
Photographer: Ryan Pierse/Getty ImagesThis article is for subscribers only.
Amber Group, one of Asia’s leading crypto trading and lending platforms, is cutting jobs, scrapping retail operations and terminating a sponsorship deal with Chelsea FC in the latest retrenchment to hit the digital-asset sector.
The decisions are part of a major cost-cutting strategy, according to a person familiar with the matter, who asked not to be identified discussing private information. The Singapore-based crypto firm, whose backers include Temasek Holdings Pte and Sequoia China, will slash its workforce to less than 400 from about 700 currently, the person said, adding staff numbers earlier peaked at some 1,100.