Amber Group, a Singapore-based company that deals in digital assets, recently cut personnel in response to a negative cryptocurrency market.
According to Bloomberg, the co-founder Tiantian Kullander said that the company makes workforce adjustments on a quarterly basis, and this year, between 5 and 10% of positions were eliminated.
The layoffs follow the previous cycle’s bull market, which saw many businesses experience explosive expansion, according to Kullander.
During the bull run of last year, Amber Group hired more people, going from 200 to 300 to over 900, according to Kullander. After raising $200 million from Temasek Holdings PTE and others earlier this year, Amber Group saw its valuation rise to $3 billion; in May, the business attempted to lift that valuation to $10 billion.
As the market’s rapid movement has stalled, it now seems that growth may have slowed. The business claimed that while it is hiring for positions it sees as being of higher priority, it is reducing staff in several job functions.
Amber Group currently has 18 job vacancies on LinkedIn in the UK, Singapore, Hong Kong, and the United States.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
Author
News
Amber Group Cuts Staff By 10%
Amber Group, a Singapore-based company that deals in digital assets, recently cut personnel in response to a negative cryptocurrency market.
According to Bloomberg, the co-founder Tiantian Kullander said that the company makes workforce adjustments on a quarterly basis, and this year, between 5 and 10% of positions were eliminated.
The layoffs follow the previous cycle’s bull market, which saw many businesses experience explosive expansion, according to Kullander.
During the bull run of last year, Amber Group hired more people, going from 200 to 300 to over 900, according to Kullander. After raising $200 million from Temasek Holdings PTE and others earlier this year, Amber Group saw its valuation rise to $3 billion; in May, the business attempted to lift that valuation to $10 billion.
As the market’s rapid movement has stalled, it now seems that growth may have slowed. The business claimed that while it is hiring for positions it sees as being of higher priority, it is reducing staff in several job functions.
Amber Group currently has 18 job vacancies on LinkedIn in the UK, Singapore, Hong Kong, and the United States.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
Other Posts
Related Posts
Latest
Best Altcoins to Buy Today: Qubetics Rides 1000x Potential to Hit $2.6M, Ethereum Stays Rangebound, Tron USDT Transactions Hit $52B
Crypto Advisory Council Now A White House Position Attracting Leaders
Press Release
Best Altcoins to Buy Today: Qubetics Rides 1000x Potential to Hit $2.6M, Ethereum Stays Rangebound, Tron USDT Transactions Hit $52B
Analyst Sounds Major Breakout Alert Amid Shiba Inu, WallitIQ, And Dogecoin Price Recoveries
