December 5, 2022

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

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1 min.

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

The decline in the cryptocurrency market led to a reduction in staff in another crypto company – Singapore-based Amber Group announced plans to lay off 5 to 10% of employees.

According to Tiantian Kullander, co-founder of the company, Amber Group analyzes the number of employees on a quarterly basis and adjusts the number of employees if necessary.

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

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

During the last bull cycle onthe cryptocurrency market, the company increased the number of employees from 200-300 to 900 people. Therefore, it is not surprising that during the downturn, the company cuts costs and personnel.

“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 round of financing, during which it raised $200 million. After that, the company's capitalization reached $3 billion.