allegedly Amber Groupreported that it 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 company Amber Group, citing bearish cryptocurrency market conditions, has recently reduced its staff.
co-founder Tiantian Under According to the statement, this move was made because the number of employees is adjusted quarterly. 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 UnderHe told Bloomberg that the layoffs were due to the downturn that followed the last bull market, when many companies saw a burst of 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.
