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Amber Group cuts its workforce

Amber Group has laid off a number of employees after its great deal of sponsorships with Atletico and Chelsea in the past months.

By Staff

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Top digital asset company, Amber Group has reportedly laid off a number of employees in recent weeks. Some of these include Ehsan Haque who joined the company early this year to serve as lead counsel.  Some employees who wanted to remain anonymous mentioned that they had been laid off without notice and their severance had been denied.

“As headcount adjustments occur on a quarterly basis, this year approximately 5-10% of jobs at the company have been cut,” co-founder Tiantian Kullander said.

According to Bloomberg, Amber Group has adjusted the headcount based on market conditions to focus on higher-priority roles.

Earlier this year Amber Group saw a $3 billion valuation after a $200 million raise from Temasek Holdings PTE and others, and in May the company sought to obtain additional funding to bring that valuation to $10 billion.

One wonders whether this decision results from poor planning since the company has been disbursing funds on great sponsorship deals in the past months. Unlike companies like Binance which ensured that they have a solid product before they run sponsorship deals, WhaleFin, the retail digital platform, has been struggling to gain traction globally. This can be evidenced by low app downloads from the play store.

In May, English soccer giants Chelsea announced a new partnership with cryptocurrency firm Amber Group that saw digital asset platform WhaleFin become the club’s new sleeve sponsor from the 2022/23 season. It was announced that the Chelsea – Amber Group agreement was worth UKÂŁ20 million (US$24.4 million) annually.

Furthermore, the company announced and confirmed a long-term deal with Atlético Madrid, of Spanish soccer’s top-tier LaLiga later in July. This deal, which was scheduled to run through 2026-27, is understood to be worth a total of nearly €200 million ($204 million).

Amber Group is headquartered in Singapore with a presence in Athens, Chicago, Geneva, Dubai, Hong Kong, Istanbul, London, Mexico City, New Jersey, Salt Lake City, Seoul, Taipei, Tokyo, Vancouver, and Zurich.

Efforts to get a comment from the company on the recent layoffs have been futile.


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