Bitcoin btc
$ usd

Leading Crypto and Lending Platform Slashes Jobs, Cancel Chelsea FC Sponsorship

2 mins
Updated by Geraint Price
Join our Trading Community on Telegram

In Brief

  • Amber Group will scrap a sponsorship deal worth $25 million with Chelsea FC.
  • The firm had over 1,100 employees at its peak, but that figure is now down to 400.
  • 10% of Amber Group’s trading fund is stuck on FTX.
  • promo

Amber Group, Asia’s leading crypto and lending platform, has slashed its headcount and scrapped a sponsorship deal with Chelsea Football Club.

The crypto winter has claimed yet another firm to strict cost-cutting measures as the Amber Group has announced a 40% cull of its employees.

The firm has also been affected by the FTX contagion. Although Annabelle Huang, a managing partner at Amber Group, claims that less than 10% of the firm’s trading fund was on FTX, according to the Financial Times report.

Amber Group Cost-Cutting

According to a Bloomberg source, the firm had over 1,100 employees at its peak – it is now down to 400. It also laid off over 50% of its staff in Sept, euphemistically calling it a “quarterly business adjustment.”

The company has been reducing its headcount since June. According to Annabelle Huang, the headcount reduction is due to “team composition adjustments.”

The cost-cutting efforts are not just limited to letting go of the employees. The team is also shutting down its various offices and has asked the staff to work from home. 

Structural Changes and Fresh Fundraising

The firm is reportedly winding down its retail operations; it wants to majorly focus on institutional clients, family offices, and high-net-worth individuals. 

It has halted expansion plans but recently raised $50 million in funding from a “new sovereign fund” at a valuation of $3 billion. The valuation was the same as in Feb. 2022, when the firm raised $200 million from Singapore’s Temasek holding. Along with Temasek, Amber Group is backed by well-known names like Sequoia China and Tiger Global Management.

Amber Group to End Chelsea FC Sponsorship

The Amber Group will also end its sponsorship with the Chelsea Football Club. In May 2022, it signed a sponsorship deal with the football club to display the logo of its trading arm, WhaleFin, on the sleeves of Chelsea players. The sponsorship deal cost the Amber Group $25 million for 2022-23 season.

Got something to say about Amber Group, Chelsea sponsorship, or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or Twitter.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.


In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

Harsh Notariya
Harsh started investing in crypto during the 2021 bull market. He took the opportunity of the market crash in May to learn more about Bitcoin and blockchain technology. Since...