Crypto's Amber Group to End Chelsea Sponsorship, Lay Off Over 40% of Staff

Crypto trading and lending platforms Amber Group is cutting jobs, scrapping retail operations and terminating a sponsorship deal with Chelsea FC, according to Bloomberg.

According to a person familiar with the matter, the decisions are part of a major cost-cutting strategy. Amber will slash its workforce to less than 400 from about 700 currently, the person said, adding staff numbers earlier peaked at some 1,100.

Amber will now focus on large institutions, family offices and wealthy individuals, the person said, adding customer numbers will fall to about 100 from the hundreds-of-thousands because of the exit from the retail sector.

In addition, Amber plans to move to a cheaper office space in Hong Kong, while some smaller offices in other regions will likely be shuttered, with remaining employees allowed to work from home, the person said.