Amber Group Minimized 5-10% of its Staff After Downturn Effects

• Amber Group increased its Workforce in 2021 by 200 to 300. 
• Amber Group to reduce 5-10 percent of Workforce after crypto winter.
• Amber Group is hiring 18 new employees in several locations globally. 

Amber Group is a company actively participating in Blockchain development and is widely popular for its services and is known for its impactable contribution to the Blockchain Sector.  

Amber Group is headquartered in Singapore, and the company has around 900+ employees and will increase staff by 200 to 300 in 2021 during the bullish market phase. 

Recently Amber Group noted in its interview with Bloomberg that the company is planning to cut-off staff by 5-10 percent. 

In his interactive session with Bloomberg, co-founder of Amber Group Tiantian Kullander mentioned, “We are currently reducing in roles that are lower in the priority given market conditions, and increasing headcount in roles that are higher priority.” Adding more, Kullander underlined that the company reviews and adjusts global headcount every quarter.  

A report by Bloomberg also states that Amber Group is hiring employees for 18 different positions across various locations like the United States, Singapore, Hong Kong, and the United Kingdom.    

As the market volatility increased and Crypto winters hit the market, several crypto industry companies announced reducing the Workforce of their respective firms. 

Huobi was first in the category of reducing the Workforce. Later, other companies followed the same tradition and reduced their employees to manage money flow during crypto winter and pandemic-affected times.

Later on, The Chief Executive Officer (CEO) of the crypto exchange Coinbase, Brian Armstrong, quoted in his blog that the company thought of cutting down its global Workforce by 18% to ensure that the crypto entity remains healthy during the economic downturn.  

The list was followed by BlockFi, which decreased its 20% employees,Blocchain.com decreased 25%, OpenSea by 25%, Gemini by 10%, and Vauld by 30%. 

Funding Round of Amber Group 

In February 2022, Amber Group completed a fundraising round of $200million Series B+ with a total valuation of $3 billion. Amber’s valuation had climbed thrice since June 2021, when it was valued at $1 billion in its Series B round of fundraising. The Hong Kong-based firm, created by former Morgan Stanley traders, presently has under management $5 billion in assets.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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