Another Cryptocurrency Company Decides To Cut Staff Due To The Fall Of Bitcoin!

Amber Group, a digital asset company headquartered in Singapore, cryptocurrency It reduced the number of personnel, citing the decline in the market.

Bitcoin Drop Causes Layoffs at Cryptocurrency Companies

This reduction corresponds to about 10 percent of the company’s employees.

According to Bloomberg’s report, quarterly staffing adjustments are made, while the company’s co-founder Tiantian Ulder said that jobs at the company have decreased by about 5-10% this year.

Useder told Bloomberg that the layoffs came after a recent bull market, when many companies saw growth spikes.

In the past period, the largest cryptocurrency exchange in the USA, Coinbase, announced that it would lay off 18 percent of its employees after the sharp declines in the crypto money markets.

This rate meant that the company would lay off 1200 employees.

in the upcoming period bitcoin It is predicted that layoffs in companies will continue to increase.

In the midst of last year’s bull run, Amber Group had increased its staff from 300 to nearly 900.

Earlier this year, Amber Group was valued at $3 billion, raising $200 million from Temasek Holdings PTE and other companies.

However, according to Bloomberg’s report, the company sought additional funds to increase this value to 10 billion dollars in May.

Now, it is thought that growth may have slowed down with the decrease of intense market movements.

The company has announced that it has reduced the number of personnel in some positions, but will continue to recruit for tasks it considers to be of higher priority.

Currently, Amber Group lists 18 job postings on LinkedIn in the US, Singapore, Hong Kong and the UK.

*Not investment advice.