Amber Group, one of Singapore’s leading cryptocurrency trading and lending platforms. It announced layoffs, terminated a retail customer service business and ended its sponsorship deal with Chelsea FC after the cryptocurrency industry was hit hard by the FTX bankruptcy.
Bloomberg News reported citing sources that Amber’s decision is part of a cost-cutting strategy. The company will reduce the number of employees to less than 400 from the current 700, which previously had the largest number of employees around 1,100.
Chelsea Football Club and Amber entered into a partnership in May. This includes displaying the logo of the Amber WhaleFin crypto trading platform. on the sleeve of the Chelsea team for the 2022-23 season, with the sponsorship deal worth £20 million ($25 million) per year.
Amber’s move reflects the sluggish trend of the digital asset business after FTX filed for bankruptcy on November 11, and most recently, Sam Bankman-Fried. The founder and former CEO of FTX was arrested in the Bahamas on Monday at the request of the US government.
However, in recent days Amber has come out to respond to speculation in the online world that sees Amber could be the next company to go bankrupt. After the crypto market crashed heavily