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Setback Effects: Amber Group to Reduce 5-10% of Workforce (Report)

The company’s co-founder said the layoff would affect low-priority roles, while the number of employees would increase in others. The Singapore-based firm has around 900 staff members in its rolls, which will increase from 200 to 300 before the 2021 bull market.

Reducing Headcount

amber

“We are currently reducing in roles that are lower in the priority given market conditions, and increasing headcount in roles that are higher priority,” the company’s co-founder, Tiantian Kullander told Bloomberg, adding that the company reviews and adjusts global headcount every quarter.

After nearly a year in the bull market, when the meltdown began in May, several leading crypto platforms had to announce their sudden layoffs plans.

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Huobi later announced that it will reduce at least 30% of its workforce, which is imitated by other companies: Coinbase 18%, BlockFi 20%, Gemini 10%, Blockchain.com 25%, OpenSea 20%, Banxa 25% and Vauld 30%.

200 Million Dollars of Financing

In February, Amber Group, along with Sequoia China, Pantera Capital and Tiger Global Management, closed its $200 million Series B+ round led by Temasek with a valuation of $3 billion.

The company said it plans to use the fund for expansion and strategic acquisition as well as other sustainable initiatives.

In Cost Reduction Mode

Alongside the layoffs, leading trading platforms like FTX and CryptoCom have pulled out of expensive sports sponsorship deals apparently as part of austerity measures in the current crypto winter. Finally, FTX, which paid $135 million for the naming rights of the multi-purpose arcade Miami Heat, reportedly withdrew from its jersey sponsorship deal with MLB’s Los Angeles.

But Binance and FTX have announced that they will increase their workforces after Binance CEO Changpeng Zhao famously made fun of those going for Super Bowl commercials and Stadium naming rights in a Tweet in June.

About Hama Amefiz

Amefiz is a professional blockchain, cryptocurrency and tech journalist, regular contributor to newsbsc.com who is writing analysis about the latest developments in the cryptocurrency and blockchain space.

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