Amber Group has terminated a sponsorship deal with Chelsea football club and has also cut its workforce again in order to survive the crypto winter.
Amber Group, one of the leading trading and lending platforms in Asia, has terminated a partnership with the London-based Chelsea football club. The partnership only began last May and had the Chelsea players wearing the Amber WhaleFin logo on their shirts.
As reported by an article on Bloomberg, the sponsorship deal was said to be worth $25 million a year. Amber is now following a legal process which will enable it to end the deal.
On top of the scrapping of the sponsorship deal Amber Group has also cut its workforce again. The latest cuts will see the workforce slashed from 700 to less than 400. At the peak of operations the trading and lending platform employed around 1,100.
In order to further cut costs Amber plans to move to cheaper offices in Hong Kong. Offices in other regions will likely close, with the employees there given the opportunity to work from home.
All of these moves are part of a major strategy to cut costs in what is a very difficult time for the crypto sector following the collapse and ensuing fall out from Sam Bankman-Fried’s FTX platform.
Amber Group will now move its focus away from retail customers and will instead target larger institutions such as family offices and high-net-worth individuals.
The Asian digital asset platform has also suffered bereavement in recent times. Its co-founder Tiantian Kullander died in his sleep at the age of only 30.
Disclaimer: 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.
