Amber Group reportedly set to end $25M Chelsea deal, lays off 40% of workforce News โธ Singapore โธ Bear Market
Amber Group reportedly set to end $25M Chelsea deal, lays off 40% of workforce
Amber Group was caught up in the FTX contagion but set to survive by cutting costs across the board.
2 min read
Updated: Dec. 16, 2022 at 11:32 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Singapore-based crypto firm Amber Group is all out to cut costs as it plans to end its $25 million sponsorship deal with Chelsea FC, lay off 40% of staff, and close its retail operations.
Earlier in May 2022, Amber Group announced a partnership deal with Chelsea Football Club. The deal saw the trading firm display its WhaleFin logo on the sleeves of the team’s jersey during the 2022-2023 season.
The deal with Chelsea FC reportedly cost Amber Group about $25 million per year. According to Bloomberg, the trading firm is working out the legal proceedings required to end the sponsorship deal.
Amber Group to layoff 40% of staff
Amber Group was an active trader on FTX and reportedly has some funds trapped in the bankrupt exchange. As a result, it’s been on a layoff spree to cut costs.
The trading firm started off the year with about 1,100 staff but has so far laid off about 400 of its workforce.
Bloomberg added that Amber Group is planning to lay off up to 400 staff from its current 700-member workforce.
In addition, Amber will shut down many of its offices and move to a cheaper space in Hong Kong, while allowing employees to work from home.
AmberGroupย raises $50M to focus on institutions
Amber Group offered trading and lending services to retail investors, especially in the Asian market. Due to the low demand for its products from retail investors, the firm is looking to scrap its retail operations.
Earlier this week, Amber Group raised about $50 million from a private round. The fund will help the trading firm design its products to focus on large institutions, family offices, and wealthy investors.
UPDATE 2.10 PM GMT: Amber Group issued a statement on Twitter citing “certain false allegations”ย made against the company and it will be issuing an “official statement shortly.”
Regarding certain false allegations against Amber today, our legal counsel will issue an official statement shortly and take potential legal actions.
— Amber Group (@ambergroup_io) December 9, 2022
Mentioned in this article
Author 
Christian Nwobodo
Christian is a crypto-curious nerd who loves to investigate how protocols work under the hood. Christian is interested in DeFi protocol research, token economics, and on-chain analytics.
Latest Singapore Stories
In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Amber Group
Amber Group is a digital asset trading firm that provides liquidity across all major exchanges, applications, and networks with companies ranging from token issuers, banks, and fintech firms, to sports teams, game developers, brands, and creators.
WhaleFin
WhaleFin is a digital investing experience offering easy portfolio management tools, attractive investment yields, and access to the emerging digital lifestyle.
