Asian crypto broker Amber Group is downsizing its business by focusing on institutional investors only as the firm is facing with the hurdles triggered by the collapse of FTX.
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According to Bloomberg's sources, Amber has stopped offering services to retail investors to focus more on family offices and will lay off between 400-700 employees to weather the crisis. Amber is also scrapping its sponsorship of Chelsea FC, which would cost it $25 million a year.
The broker will also relocate its office in Hong Kong to a cheaper place, while smaller departments in other regions will be closed.
In February, Amber raised $200 million in a Series B+ funding round led by Singaporean investment holding company Temasek. With the latest funding, the broker's valuation reached $3 billion.
Participants in the round also included Sequoia China, Pantera Capital, Tiger Global Management, True Arrow Partners and Coinbase Ventures.
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