Amber Group terminated the contract with Chelsea FC

Representatives of Amber Group reported on the optimization of their costs and cost reduction due to the ongoing crypto winter. One of the interesting moments was the termination of the contractual obligations with the Chelsea Football Club, which was valued at $25,000,000. In addition, about 40% of employees were laid off.

This is not the first such incident that has occurred in the Amber Group. In September, the cryptocurrency company held the first round of cutting operating costs. The reason is the same - the global downtrend and crypto winter.

A month ago, Annabelle Huang, managing partner of the Amber Group, reported. that about 10% of their trading capital was left without the ability to move. This happened 2 days after the bankruptcy of the American exchange FTX, with which Annabelle associated the difficulty.

She gave an interview for the Financial Times, in which she denied all rumors regarding ongoing speculation with the Amber Group. According to her, there are no failures in daily operations, which cannot be said about the previously mentioned 10% stuck due to the FTX exchange.

The Bloomberg publication confirmed the information about the full working capacity of the Amber Group and said that users really still have the opportunity to freely make deposits and withdrawals, and their trading on the market is not limited by anything.

Amber Group previously reported that they plan to raise $100,000,000 for development, but this plan is only halfway in motion. After the fall of FTX, representatives of the site decided to suspend their efforts to raise funds to conduct an analysis of the situation.

There are various rumors and talks about the estimated value of Amber Group. According to some of them, the platform can keep its total value at $3,000,000,000. In the spring of 2022, Bloomberg, citing its sources, announced new plans for the top management of Amber Group. The latter want to overcome the coveted mark of $10,000,000,000.

We remind you that a fairly stable position in the cryptocurrency market allowed Amber Group to absorb the Japanese bitcoin exchange DeCurret. Given that the exchange has existed for more than 5 years and is not experiencing major difficulties, one could be sure of their persistence, however, a strong cost reduction and termination of the contract with the famous Chelsea Football Club may also indicate the opposite.

Although the company has stopped the investment round for further analysis of the situation, the management still wants to launch another one soon. At a time when the public may perceive such desires as failure, Annabelle Juan urges not to jump to conclusions. She reports that Amber Group is not under any pressure and wants to raise funds not to maintain its position in the market, but to develop.

Previously, we talked about the death of the 30-year-old co-founder of the cryptocurrency platform, Tintian Kullander. You can read more about this here .