Correction (Dec. 6, 6:30 p.m. SGT): This article was updated to show that the firm has cut 50% of some of its teams, instead of its full headcount.
Singapore-based Amber Group has reportedly laid off “hundreds” of employees, and over 50% of some of its teams, though it is not known how many were affected, crypto journalist Colin Wu’s Wu Blockchain reported.
Wu added that the Amber Group previously cut 30% to 40% of its headcount in September.
This news comes after the firm was reportedly seeking funding at a valuation of US$10 billion in May. The business last raised US$200 million in February this year in a funding round led by Temasek, with Sequoia China and Tiger Global Management participating.
Amber Group, which helps firms trade and manage digital assets, was founded in 2015 by ex-Morgan Stanley traders Tiantian Kullander, Wayne Huo, Tony He, and Michael Wu, as well as Bloomberg developer Thomas Zhu.
Last week, news broke that Kullander had passed away unexpectedly at the age of 30.
The layoffs come amid a tech industry upheaval. Crypto trading platform Bybit let go of 30% of its staff, Carousell laid off 10% of its headcount, and Shopee conducted its third round of cuts this year in mid-November.
See also: Tracking layoffs across Asia’s startup ecosystem (Updated)
Editing by Miguel Cordon and Jaclyn Tiu
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