Allegedly, Amber Group reportedly laid off 10 percent of its employees to move into higher priority roles.
The layoffs at Amber Group come after a $3 billion valuation earlier this year.
Amber Group Goes to Reduce Employee Number
Singapore-based digital asset firm Amber Group recently reduced its staff, citing bearish cryptocurrency market conditions.
This move was made because headcount adjustments take place quarterly, according to co-founder Tiantian Ulder. In addition, he said that this year, about 5 to 10 percent of the business in the company has been cut.
Amber Group co-founder Tiantian Ulder told Bloomberg that the layoffs were due to the fall that followed the recent bull market, when many companies were booming in growth.
In the middle of last year’s bull period, Amber Group reportedly increased its staff from 200-300 to about 900 employees. Amber Group reached a valuation of $3 billion earlier this year after a $200 million increase from Temasek Holdings PTE and others. Then, in May, the company sought to find additional funding to increase that valuation to $10 billion.
24401
