Amber Group Lays Off 10% Of Its Employees
- Amber Group, a Singapore-based digital asset company, has laid off 10% of its employees as per a new report from Bloomberg after it recently reached a valuation of $10 billion.
- The bearish crypto market conditions have been cited as a major reason why the firm laid off a significant portion of its staff and further job cuts might follow.
Singapore-based digital asset company Amber Group becomes the latest crypto platform to join the group of companies laying off their employees amid the bearish crypto market conditions.
According to a recent report by Bloomberg, Amber Group has decided to cut down around 5-10% of jobs this year, with some teams laying off over 50%.
The co-founder Tiantian Kullander said that the 2018-founded company adjusts its headcount on a quarterly basis, and the recent layoff comes following the last cycle’s bull market, during which many companies in the crypto sector reported massive growth.
During the bull run of last year, Amber Group hired more people, from 200 to 300 to over 900, according to Kullander. After raising $200 million from Singaporean state investment firm Temasek Holdings PTE, Sequoia China, Pantera Capital, and Tiger Global Management, among others, in a funding round earlier this year, Amber Group saw its valuation crossing the $3 billion mark.
According to Bloomberg, the company, which was founded by five former Morgan Stanley traders, was seeking more funding in May to raise that valuation to $10 billion.
As the market’s intense movement has stalled, it now seems that growth may have slowed. Though the company claimed that while it is hiring for positions, it sees it as being of higher priority, it is reducing staff in several job functions.
Amber Group currently has 18 job vacancies on LinkedIn in the United Kingdom, Singapore, Hong Kong, and the United States.
Amber Group is not the only company that has decided to lay off a portion of its staff in recent days. Several major names in the industry, including crypto exchange platforms Coinbase, Crypto.com, and Gemini, among others, have reported being affected by the ongoing crypto winter season, with a few crypto platforms filing for bankruptcy.
However, some crypto companies have refused to mourn and are making the best out of the current market meltdown. As Bitnation reported recently, Ethereum scaling solution Polygon is expanding its overall headcount by more than 40% this year as part of its efforts to take advantage of the crypto bear market’s “rare” growth opportunity.