Blockchain Firm Amber Group Announces Employee Layoff

• The business examines and modifies worldwide personnel every quarter.
• The corporation said that it intended to utilize the raised funds for future growth.

Amber Group, a blockchain firm, plans to let off between 5 and 10 percent of its employees this year. From about 200 to 300 before the 2021 bull market, the Singapore-based firm’s headcount has grown to over 900. Co-founder Tiantian Kullander told Bloomberg that the business examines and modifies worldwide personnel every quarter.

The Co-founder stated:

“We are currently reducing in roles that are lower in the priority given market conditions, and increasing headcount in roles that are higher priority.”

Crypto Winter Effect

According to a Bloomberg report, the corporation is looking to fill at least 18 roles across the United States, Singapore, Hong Kong, and the United Kingdom. When the cryptocurrency market crashed in May, after a nearly year-long bull run, a number of the industry’s most prominent platforms were forced to announce emergency layoffs.

Many firms followed Huobi’s lead and announced layoffs of at least 30 percent of their personnel. 18% for Coinbase, 20% for BlockFi, 10% for Gemini, 25% for Blockchain.com, 20% for OpenSea, 25% for Banxa, and 30% for Vauld.

Amber Group raised $200 million at a $3 billion valuation in February from investors including Temasek, Sequoia China, Pantera Capital, Tiger Global Management, and Coinbase Ventures.

The corporation said that it intended to utilize the money for future growth, strategic acquisitions, and sustainable projects. In the Series B round of funding that took place last year, Amber Group was able to raise a hundred thousand dollars. Amber Group’s WhaleFin, a digital asset platform for individual investors and traders, has inked new sponsorship arrangements with Chelsea FC and Atletico de Madrid. 

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