Amber Group Acquires Singapore Crypto Exchange Sparrow

According to a report in The Business Times citing regulatory documents, Asian crypto investment firm Amber Group has bought Singaporean crypto exchange Sparrow.

Sparrow is headquartered in Singapore. The cryptocurrency exchange was formed in 2018 and has raised a total of $14.2 million. It announced in August that it had secured a Major Payment Institution license from the Monetary Authority of Singapore (MAS), allowing it to provide digital payment token services in Singapore.

Amber’s departure comes as the company confronts worries regarding its financial viability. In recent months, it has made considerable cost-cutting initiatives, including layoffs and a withdrawal from foreign businesses in places like the United Kingdom and the United States.

Amber Group had tremendous growth last year, with a peak workforce of approximately 1,100, which has already dropped to roughly 400.

As part of the cost-cutting efforts, Amber will cancel bonuses and reduce managerial compensation, according to Bloomberg.

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Harold

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