Crypto Lender Amber Group Cuts 40 Jobs, Terminates Chelsea FC Sponsorship: What Happened?

The crypto market continues to face turbulence. Amber Group, one of Asia’s leading crypto trading and lending platforms, is cutting jobs, scrapping retail operations and terminating a sponsorship deal with Chelsea FC in a significant strategic shift. Amber Group announced downsizing its staff by 40%, ending Chelsea FC sponsorship and terminating retail operations, citing FTX fallout. The announcement by Amber comes amidst ongoing challenges in the digital asset space.

Amber Group, one of Asia’s most prominent cryptocurrency trading and lending firms, has discontinued its retail operations and severed its sponsorship agreement. This decision follows earlier reports indicating that Amber Group has reportedly terminated its $25 million sponsorship deal with Premier League football club Chelsea FC. The Singapore-based crypto trading firm views the current market conditions as requiring a more focused approach. This move impacts numerous individuals and marks a retreat from high-profile brand visibility. The dual blow of job cuts and ending the Chelsea FC partnership signals a period of restructuring for the company.

This isn't an isolated incident. Other crypto lenders and trading platforms are also navigating difficult economic circumstances. The decision by Amber Group to reduce its workforce and end its Chelsea FC sponsorship highlights the ongoing volatility and pressures within the cryptocurrency industry. What does this mean for the future of crypto lending and sports sponsorships? Stay tuned for further updates and analysis.