March 28, 2024

Singapore-based crypto company Amber Group cuts 10% of staff

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Singapore-based crypto company Amber Group cuts 10% of staff

The decline in the cryptocurrency market has led to staff reductions in yet another crypto company - plans to fire from 5 to 10% employees were announced by the Singaporean company Amber Group.

According to company co-founder Tiantian Kullander, Amber Group conducts a quarterly headcount analysis and adjusts the number of employees if necessary.

“Now we are reducing positions that havelow importance for the company. This is due to market conditions. At the same time, we are increasing the number of priority positions,” Kullander emphasized.

According to Amber Group's LinkedIn profile, the company currently has 18 positions open in the US, Singapore, Hong Kong and the UK. 

During the last bull cycle oncryptocurrency market, the company increased the number of employees from 200-300 to 900 people. So it's not surprising that the company is cutting costs and staff during the downturn.

“Last year, all cryptocurrency companies grew at an explosive pace,” said the co-founder of Amber Group.

At the beginning of the year, Amber Group held a financing round, during which it raised $200 million. After that, the company’s capitalization reached $3 billion.