Crypto trading firm ambergroup_io has terminated its $25 million sponsorship with ChelseaFC and laid off 40% of its workforce, according to a report. By oknightcrypto.
Amber Group, which is backed by Temasek and Sequoia Capital, is also laying off around 300 staff to slash its workforce to less than 400, at its peak it employed more than 1,100, the report said.
The sponsorship saw Chelsea show the logo of Amber’s WhaleFin trading platform on their shirts for the duration of the current 2022/2023 season. The decision to reduce its workforce and scrap the sponsorship, which was announced just seven months ago, comes during a cyclical lull in the crypto market that prompted the collapse of numerous key companies including FTX, BlockFi and Celsius Network.
The crypto trader is also winding down its retail operations, a move that will see its customer base fall to around 100 from hundreds of thousands as it focuses on institutional investors and family offices. Amber also raised just half of a planned $100 million round and halted its expansion plans, accordingOn-chain analysts have suggested that Amber Group may follow in the footsteps of Alameda Research, the trading firm tied to FTX that imploded last month, with
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