Amber Group set to end $25M Chelsea deal, lays off 40% of workforce

Singapore-based crypto steadfast Amber Group is each retired to chopped costs arsenic it plans to extremity its $25 cardinal sponsorship woody with Chelsea FC, laic disconnected 40% of staff, and adjacent its retail operations.

Earlier successful May 2022, Amber Group announced a concern woody with Chelsea Football Club. The woody saw the trading steadfast show its WhaleFin logo connected the sleeves of the team’s jersey during the 2022-2023 season.

The woody with Chelsea FC reportedly outgo Amber Group astir $25 cardinal per year. According to Bloomberg, the trading steadfast is moving retired the ineligible proceedings required to extremity the sponsorship deal.

Amber Group to layoff 40% of staff

Amber Group was an progressive trader connected FTX and reportedly has immoderate funds trapped successful the bankrupt exchange. As a result, it’s been connected a layoff spree to chopped costs.

The trading steadfast started disconnected the twelvemonth with astir 1,100 unit but has truthful acold laid disconnected astir 400 of its workforce.

Bloomberg added that Amber Group is readying to laic disconnected up to 400 unit from its existent 700-member workforce.

In addition, Amber volition unopen down galore of its offices and determination to a cheaper abstraction successful Hong Kong, portion allowing employees to enactment from home.

AmberGroup  raises $50M to absorption connected institutions

Amber Group offered trading and lending services to retail investors, particularly successful the Asian market. Due to the debased request for its products from retail investors, the steadfast is looking to scrap its retail operations.

Earlier this week, Amber Group raised astir $50 cardinal from a backstage round. The money volition assistance the trading steadfast plan its products to absorption connected ample institutions, household offices, and affluent investors.

The station Amber Group acceptable to extremity $25M Chelsea deal, lays disconnected 40% of workforce appeared archetypal connected CryptoSlate.