Amber Group Ends $25 Million Deal With Chelsea FC December 09, 2022
Story: Divya Sinha
As per the Bloomberg report, Singapore-based cryptocurrency trading firm Amber Group has terminated a $25 million sponsorship deal with football club Chelsea FC.
The decision is part of a major cost-cutting strategy, said a person familiar with the matter, who spoke on condition of anonymity to discuss personal information.
Amber Group backed by Temasek Holdings and Sequoia China, will cut its workforce from about 700 today to less than 400, adding that it previously had about 1,100.
As part of the sponsorship, Chelsea has featured Amber's WhaleFin trading platform logo on the kit during the current 2022/2023 season.
Amber's move is the latest sign of a worsening outlook for crypto assets after the FTX debacle.
Also, as per reports, Amber plans to relocate to more affordable office space in Hong Kong, but several smaller offices in other regions are likely to close, allowing the rest of the staff to work from home.
One of the company's co-founders, Tiantian Kullander, died in November at the age of 30.