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.

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