Crypto Trading firm amber group: stops $25M Chelsea Sponsorship Deal

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Amber Group, a Singapore-based cryptocurrency trading company, terminates its expansion ambitions with Chelsea FC. Apparently, the sponsorship agreement is worth $25 million, according to a Bloomberg article. Although it has not been impacted by the FTX virus, the company halts its expansion strategy. Chelsea displayed the logo of the trading platform WhaleFin (an Amber product) during the current campaign thanks to sponsorship.
Amber Group Halts $25M Chelsea Sponsorship Deal (Source: True Experiences)Amber Group Halts $25M Chelsea Sponsorship Deal (Source: True Experiences)


Additionally, this Temasek-backed company is firing 300 employees to reduce its staff to 400. At their busiest, they employed more than 1,100 people. To elucidate further, managing partner Annabelle Huang stated that due to the effects of FTX's demise, Amber Group will now concentrate on institutional customers in Asia rather than expanding in Europe and the US.

She added that only 10% of Amber's trading money is tied to FTX, so their normal business operations shouldn't be affected. The company is aiming to acquire more businesses and raise further capital. A sovereign fund has provided Amber Group with funding of roughly $50 million. The latest fundraising round places a $3 billion valuation on Amber. The amount of money raised is two times what Amber had anticipated getting.

The fundraising, in Huang's opinion, is successful. In December, Amber Group will make public an important acquisition of a company with headquarters in Singapore. “We are not under pressure to raise capital,” she added.

However, cryptocurrency sleuth lookonchain disagrees. Since the Amber Group only has $9.46 million in total assets, on-chain analysts predict that the company might end up like Alameda Research. Amber also moved 10,422 Ether (ETH) to a another address. When Amber allegedly said everything was fine, they discreetly moved their assets. Is that not suspicious?

 

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