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Singapore-based digital asset manager Amber Group cuts its Hong Kong staff in half to 40 people, cuts risk management, audit and compliance jobs, and weathers a cryptocurrency price slump and a string of industry bankruptcies. A South China Morning Post report on Wednesday cited a person familiar with the development.
See related articles: Amber Group Launches CreatorFi NFT Initiative to Bridge the Traditional Cryptocurrency World
quick facts
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According to the SCMP report, Amber has reduced its Hong Kong compliance staff from 20 to 5 and made the entire audit team redundant. It did not mention the operations of the Singapore headquarters or the total number of Amber employees.
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Payments to many of the company’s third-party vendors have been delayed by up to six months in some cases, the report said, citing a person who declined to identify himself as not authorized to speak to the media.
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Amber, which was founded in Hong Kong in 2017 and later moved its headquarters to Singapore, reportedly told the SCMP on January 13 that it has 100 employees in Hong Kong and “has taken a very conservative position. We are preparing for it,” he said. “
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Amber, whose inventors include Sequoia Capital China and Singapore’s Temasek Holdings, said it moved its local offices from Hong Kong’s central business district to a low-cost facility in Causeway Bay to cut costs.
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Bloomberg previously reported that Amber had closed cryptocurrency exchange Whalefins in December and signed a £20m ($25m) annual advertising deal with English Premier League football team Chelsea FC by 2022. Canceled for the -23 season.
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In June 2021, after completing a US$100 million Series B funding round and announcing plans to go public in the next few years, Amber will launch Unicorn, a privately held startup with a valuation of over US$1 billion. became.
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BlockFi Inc. exchange declared bankruptcy after Bahamas-based cryptocurrency exchange FTX collapsed in November, and at about the same time, Hong Kong-based exchange AAX closed and reopened its customer services. Reported to be unlikely. It was reported Thursday morning that US-based cryptocurrency lender Genesis is preparing to file for bankruptcy.
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Last week, Coinbase Global, the largest US-based cryptocurrency exchange, cut its remaining workforce by another 20%.
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The total market capitalization of cryptocurrencies is down 56% from a year ago to US$966 billion.
See related articles: Hong Kong arrests two suspected of involvement in digital asset fraud on AAX
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