The Singapore-based Amber Group struck down plans to expand in the United States and Europe due to the sudden collapse of FTX in the crypto market. Amber Group’s managing partner Annabelle Huang said now was the time to focus on institutional clients in Asia. Due to FTX’s bankruptcy, Amber has been forced to stop an upcoming metaverse project.
Huang said that Amber group had approximately 10% of its trading capital stuck with FTX. However, It doesn’t show any impact on the company’s growth, and Amber already started working to raise funds in new funding. In February 2022, Amber Group revealed that it would raise $200 million (USD) in its series B funding.
Asia’s one of the crypto leading platforms Amber Group helped most institutional investors in cryptocurrency investment with a $500 million (USD) volume of return generated for investors worldwide. Amber Group services in more than 150 countries with a $1 trillion (USD) traded volume.
Recently, Amber Group is reported to have cut down 40% of jobs due to the ongoing crypto winter. The entity announced the end of a $25 million (USD) deal with Chelsea F.C., a popular football club. Amber Group, which is Temasek backed, has raised about $50 million (USD) in a new funding round; the deal will be announced in mid January. Temasek and Sequoia Capital also reduced their existing workforce to less than 400.
Tech Giants Announced Layoffs Recently
The CEO of Metaverse, Mark Zukerberg, announced that 11% of existing staff (11,000) were laid off in an emotional message on November 9. As per The Coin Republic, Facebook and Instagram had more than 87,000 employees. Explaining the layoffs, Zukerberg said that the company had faced huge losses this year.
Twitter CEO Elon Musk laid off 50% of its employees, explaining that Twitter was facing a loss of $4 million per day.
According to The Coin Republic, crypto firms have also announced layoffs to overcome losses. Mercado Bitcoin is laying off 15% of its employees, or nearly 100 members. Other crypto-related companies in Latin America that have announced layoffs include Bitso, Mercando Bitcoin’s main competitor in Brazil, and Argentina-based exchange Buenbit.
Amber clarifies WhaleFin App’s status
According to Amber’s website, “WhaleFin is Amber Group’s flagship digital asset platform. WhaleFin empowers investors to build wealth in the digital era. WhaleFin is an all-in-one platform serving as the preferred digital asset gateway for customers at any experience level.”
Amber Group tweeted, “to update our clients and relevant stakeholders, we can confirm that Amber Group and WhaleFin App are business as usual. Weathering through market cycles, we have to constantly adjust and pivot our business strategies, product offerings, and, as a result, internal teams and functions.”