Amber Group, which was raising funds as early as May this year, has announced that it will have to reduce its workforce by 10%, citing recent events in the crypto industry.
Co-founder Tiantian Kullander said that the company conducted global headcount adjustments on an annual basis, with the estimates for 2022 originally set at anything between 5% and 10%.
“We are currently reducing in roles that are lower in priority given market conditions, and increasing headcount in roles that are higher priority”, the co-founder told Bloomberg.
Meanwhile, Amber is looking to hire more people, with the company hoping to fill 18 new positions in Singapore, Hong Kong, the UK, and the US.
Amber Group’s highest headcount stood at 900 people when cryptocurrencies exploded and pushed many companies into a hiring spree.
Many companies in the cryptocurrency sector have been forced to drop bodies quick, with layoffs affecting even seemingly unassailable giants such as Coinbase and Huobi, which cut 18% and 30% of their work force respectively.
The pressure on cryptocurrency companies to remain competitive in a bullish market has proved tougher than many industry observers expected, but the current culling is also a signal that crypto giants need to adjust their hiring policies and expectations.
This could mean that the next crypto winter may come with fewer people losing their jobs.
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