Singapore-based cryptocurrency trading firm Amber Group is terminating its $25 million sponsorship deal with English football club Chelsea FC, according to Bloomberg.
- The crypto trader raised just half of a planned $100 million funding round and paused its expansion plans, according to an FT report.
- Amber is also winding down its retail operations, a move that will see its customer base fall to around 100 from hundreds of thousands as it focuses on institutional investors and family offices.
- The Singapore-based firm, backed by Temasek and Sequoia Capital, is also laying off around 300 staff, taking its workforce to fewer than 400. At the peak of its operations, Amber employed more than 1,100 people.
- The decision to reduce staff and scrap the sponsorship comes during a lull in the crypto market that has prompted the collapse of other key companies including FTX, BlockFi and Celsius Network.
- The logo of the firm’s WhaleFin trading platform is featured on the shirts of Chelsea players for the current 2022/2023 season.