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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.
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.
