Crypto Trading Firm Amber Group Cuts 10% Of Its Head Count
Table of contents
10% Cut In Head Count
According to Kullander, the layoffs follow the previous cycle's bull market, which saw many businesses achieve explosive expansion.
"We are currently reducing in roles that are lower in the priority given market conditions, and increasing headcount in parts that are higher priority," Kullander told Bloomberg in a LinkedIn message.
During the bull run last year, the Singapore-based firm hired more people, going from 200 to 300 to over 900, according to Kullander. The Amber Group was valued at $3 billion earlier this year following a $200 million financing from Temasek Holdings PTE and others. According to Bloomberg, the company looked for more capital in May to raise that valuation to $10 billion.
Amber Group Hiring
Amber Group now has 18 job positions on LinkedIn in the U.S., Singapore, Hong Kong, and the U.K. The company raised $200 million earlier this year from Temasek Holdings Pte, a Singaporean state investment company, and other investors, raising its valuation to $3 billion.