Asia-based crypto investment firm Amber Group has acquired Singapore-based cryptocurrency exchange Sparrow.
According to the information reported by The Business Times, Amber Group decided to acquire the Sparrow stock market with a surprise move.
Founded in 2018, Sparrow received a total investment of $14.2 million. The company is able to offer services for digital assets in the country thanks to the license it has obtained from Singapore’s central bank.
Established in 2017 and providing services for corporate customers, Amber Group has had some financial difficulties lives. According to the information transmitted by Bloomberg, the company’s in bonus payments and in executive salaries It was stated that it was going to be cut.
The company also collects additional capital, To attract $100 million investment it’s working. According to The Financial Times last week, the company said that 50 million dollars managed to collect.
Recently, the company decrease in the number of employees on some platforms stopped withdrawals there were news. Amber Group then made a statement, “in the normal course of business” stated that it is progressing.