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Amber Group Terminates Sponsorship Deal with Chelsea FC, Lays Off 40% Staff
Amber Group has reportedly terminated its $25 million sponsorship deal with Premier League football club Chelsea FC. The Singapore-based crypto trading firm views the severance of this business relationship with Chelsea as a necessity. Like several crypto-focused companies, Amber Group has been feeling the brunt of the bearish market and is trying to cut costs. The crypto trader also looks to downsize its workforce by 40%, which translates to a staff layoff of more than 300 people. With this downsizing, Amber Group hopes to adequately weather the crypto winter with a headcount of under 400. At its peak, the company had a staff force above 1,100.
Since Amber Group’s headcount reduction, a former worker alleged that the company still owes severance payments to dozens of employees in Shenzhen.
Amber Group-Chelsea Sponsorship Deal Ends Seven Months In
The Amber Group sponsorship deal with Chelsea was
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