Singapore-based digital asset company Amber Group recently reduced staff, citing bearish cryptocurrency market conditions.
As headcount adjustments occur on a quarterly basis, this year approximately 5-10% of jobs at the company have been cut, according to co-founder Tiantian Kullander, Bloomberg reported.
The layoffs come following the bull market of the last cycle, during which many companies experienced an explosion of growth, Kullander told Bloomberg.
Amid last year’s bull run, Amber Group increased staff from 200-300 to approximately 900 employees Kullander said. Earlier this year Amber Group saw a $3 billion valuation after a $200 million raise from Temasek Holdings PTE and others, and in May the company sought to obtain additional funding to bring that valuation to $10 billion, Bloomberg reported.
Now it appears that growth may have tapered off as intense market action stalls. The company said it is reducing headcount in some job functions but is hiring for roles it considers a higher priority.
Currently Amber Group lists 18 job openings on LinkedIn across the U.S., Singapore, Hong Kong, and UK.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.