Blockchain firm Amber Group announces layoffs

  • The business checks and adjusts employees around the world every three months.
  • The company said it intends to use the funds raised for future growth.

amber groupLtd., a blockchain company, plans to lay off between 5 and 10 percent of its staff this year. From about 200 to 300 before the 2021 bull market, the Singapore-based company’s headcount has grown to more than 900 people. Tiantian Colander He told Bloomberg that the company checks and adjusts employees around the world every three months.

Founding partner stated:

“We are currently working on reducing lower priority roles due to market conditions, and increasing the number of employees in higher priority roles.”

Coded Winter Effect

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

Many companies followed Huobi’s lead and announced the layoffs of at least 30 percent of their employees. 18% for Coinbase, 20% for BlockFi, 10% for Gemini, 25% for, 20% for OpenSea, 25% for Banxa, 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 company said it intends to use the funds for future growth, strategic acquisitions and sustainable projects. In the Series B funding round that took place last year, the Amber Group was able to raise one hundred thousand dollars. WhaleFin of Amber Group, a digital asset platform for retail investors and traders, has signed new sponsorship arrangements with Chelsea FC and Atletico Madrid.

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