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Crypto Trading Firm Amber Cut as Much as 10% of Its Staff

·1 min read

(Bloomberg) -- Amber Group, a cryptocurrency trading platform that was seeking to raise funding as recently as May, has cut as much as 10% of its staff this year due to an overall market downturn.

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The Singapore-based company’s co-founder, Tiantian Kullander, said the company adjusts global headcount every quarter, and estimated that this year’s total net headcount change has been a 5% to 10% reduction in jobs.

“We are currently reducing in roles that are lower in priority given market conditions, and increasing headcount in roles that are higher priority,” Kullander told Bloomberg in a LinkedIn message.

According to LinkedIn, Amber is currently seeking to fill 18 positions across its locations in the United States, Singapore, Hong Kong and United Kingdom.

During the bull market last year, the company grew to roughly 900 employees, from a team of 200 to 300, according to Kullander.

Last year, “was the year every crypto company’s growth exploded,” he said.

Earlier this year, the company raised $200 million from the Singaporean state investment firm Temasek Holdings Pte and other investors, bringing its valuation to $3 billion. In May, Bloomberg reported that Amber began talks with potential investors about a new round of fresh funding that would triple the company’s valuation to $10 billion.

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