Due to a general market decline, Amber Group, a cryptocurrency trading platform that was just trying to raise money in May, has had to lay off as much as 10% of its workers this year. Tiantian Kullander, a co-founder of the Singapore-based business, claimed that the organization changes its global headcount every three months and predicted that this year’s total net headcount change has resulted in a 5% to 10% decrease in employment.
“We are currently reducing in roles that are lower in priority given market conditions, and increasing headcount in roles that are higher priority,” Kullander told Bloomberg in a LinkedIn message.
According to LinkedIn, Amber is currently seeking to fill 18 positions across its locations in the United States, Singapore, Hong Kong and United Kingdom.
During the bull market last year, the company grew to roughly 900 employees, from a team of 200 to 300, according to Kullander.
Last year, “was the year every crypto company’s growth exploded,” he said.
Earlier this year, the company raised $200 million from the Singaporean state investment firm Temasek Holdings Pte and other investors, bringing its valuation to $3 billion. In May, Bloomberg reported that Amber began talks with potential investors about a new round of fresh funding that would triple the company’s valuation to $10 billion.
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