Asian crypto investment firm Amber Group has acquired Singaporean crypto exchange Sparrow, according to a ບົດລາຍງານ in The Business Times citing regulatory filings.
Amber’s move is surprising as the firm faces questions about its financial health. In recent months it has undertaken significant cost-cutting efforts, including layoffs and a retreat from overseas operations in regions such as the UK and U.S.
Neither Amber or Sparrow immediately responded to requests for comment.
Amber experienced a rapid expansion last year, with its headcount peaking at about 1,100, ຕາມ to Annabelle Huang, managing partner at Amber. That figure has now fallen to around 400, according to a Bloomberg ບົດລາຍງານ ອາທິດທີ່ແລ້ວ.
Homing on Asia
Sparrow is based in Amber’s home region. The crypto exchange was founded in 2018 and has raised a total of $14.2 million, according to ຂໍ້ມູນຈາກ Crunchbase. It announced in August that it had ໄດ້ຮັບ a Major Payment Institution license from the Monetary Authority of Singapore, which enabled the startup to provide digital payment token services in Singapore.
“Amber will continue to service our global HNW [high net worth] and institutional clients,”said Huang in a recent statement to The Block. “As our home base is in Asia, and this is where we have the most resources, it has always been our core market too.”
ສ້າງຕັ້ງຂຶ້ນໃນປີ 2017, Amber ສະຫນອງການບໍລິການທີ່ຫຼາກຫຼາຍໃຫ້ແກ່ລູກຄ້າຂອງສະຖາບັນ, ຈາກການບໍລິການດ້ານການຄ້າແລະສະພາບຄ່ອງກັບຜະລິດຕະພັນໃຫ້ຜົນຜະລິດ. ບໍ່ດົນມານີ້ມັນໄດ້ສາຂາເຂົ້າໄປໃນພາກສ່ວນຜູ້ບໍລິໂພກທີ່ມີເວທີການຄຸ້ມຄອງຄວາມຮັ່ງມີຂອງຕົນ, WhaleFin.
Amber’s struggles
Bloomberg ລາຍງານ today that Amber would be cancelling bonuses and reducing management salaries as part of the cost saving measures.
Amber has been in the ຂະບວນການ of trying to raise additional funds, seeking to raise $100 million at a flat valuation of $3 billion. The Financial Times ລາຍງານ last week that Amber had managed to secure $50 million of the $100 million, with the deal to be announced in January.
The firm denied that the $50 million raise was an emergency fundraise and said the funds came from a new investor in a ຄໍາຖະແຫຼງທີ່ຜ່ານມາ ກັບຕັນ. Last week, Amber had to ຮັບປະກັນ customers it was “business as usual” following reports of further layoffs and paused withdrawals on some of its platforms.
ເພື່ອປະສົມບັນຫາ Amber, oຜູ້ຮ່ວມກໍ່ຕັ້ງຂອງບໍລິສັດ, Tiantian Kullander, ທີ່ຮູ້ຈັກໃນນາມ TT, ໄດ້ເສຍຊີວິດໃນການນອນຂອງລາວໃນອາຍຸ 30 ປີໃນວັນທີ 23 ພະຈິກ. It ຍັງ ໜີ້ ສິນ about $130 million to Darshan Bathija, the CEO of troubled crypto lender Vauld.
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Source: https://www.theblock.co/post/195323/amber-group-acquires-singapore-crypto-exchange-sparrow-business-times?utm_source=rss&utm_medium=rss