- Amber Group recently cut its staff by 10%, and reasoned the current market condition.
- But, the firm will increase the headcount in the roles that are highly prioritized.
The Singapore-based leading crypto asset firm, Amber Group recently announced about its decree in the staff by 10%. The firm gave the reason for the current market downtown. It previously was looking to raise the fundings in May 2022.
Amber Group and Bloomberg Talk
On a quarterly basis this year, the firm adjusted the headcount by approximately 5-10%. In a LinkedIn message, the Co-founder of Amber Group, Tiantian Kullander, said to Bloomberg that, “We are currently reducing in roles that are lower in priority given market conditions, and increasing headcount in roles that are higher priority.”
As per the LinkedIn, the firm is currently looking to fill 18 positions across the locations in the U.S., Singapore, Hong Kong and U.K. When the crypto market was in the bullish phase, the firm has increased the staffing to approximately 900 employees this year. As Kullander said in previous year “was the year every crypto company’s growth exploded.”
However, in the beginning of this year, Amber Group raised around $200M USD from Temasek and other investors, which raised the company valuation to $3B USD. Temasek is a Singapore-based global investment company.
According to the Bloomberg report of May 2022, the firm began a fresh talk with the potential crypto investors to start a new funding round. It is supposed to triple the valuation of the company by $10B USD.
Now, as the crypto market faces a ‘harsh time,’ it affects the growth of many crypto firms relatively. So, Amber Group also came to a point to reduce the staff of lower priority and increase the roles of higher priority staff.
Source: https://www.thecoinrepublic.com/2022/09/10/amber-group-cuts-its-headcount-by-10-bloomberg/