Crypto unicorn Amber Group delays expansion plans after denying insolvency - Pin...

Crypto unicorn Amber Group delays expansion plans after denying insolvency

Crypto unicorn Amber Group delays expansion plans after denying insolvency

15 hours ago

Crypto unicorn Amber Group has delayed its plans to expand Europe and the United States as result of exposure to the now-defunct exchange FTX.

Annabelle Huang, Amber’s managing partner, said the company will focus on institutional clients in Asia instead of expanding into more markets, and Amber has been forced to deprioritize its new metaverse project due to the FTX contagion.

The Singapore based company, which last week announced that its 30-year-old co-founder Tiantian Kullander had died suddenly in his sleep, has also reportedly been cutting its headcount. 

Amber reportedly laid off up to 40 of its staff in September, the layoffs will likely continue in the upcoming months.

News of lay-offs at the firm have added to concerns about the health of the company.

Annabelle Huang mitigated the concerns and said Amber had roughly 10% of its trading capital stuck on FTX, which is not an issue for the company’s daily operations. I Amber has continued working to raise new funding and make new acquisitions in accordance with its plans to continue servicing customers in Asia.

Amber Group denied the rumors that it sunk into insolvency and mass round of layoff was the consequence.

Like many other cryptocurrency and venture capital firms, such as Sequoia and Singapore’s state-run Temasek, which wrote off US$275 million due to failure of FTX, it has been a rough month for Amber Group since FTX declared bankruptcy on November 12.

Tiantian Kullander told Bloomberg in September that the company had cut 5 to 10 per cent of jobs this year.

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