The Singapore-headquartered digital currency unicorn Amber Group has terminated 40 employees in Hong Kong.
This cuts the firm’s number by almost half, with effects felt across several departments, including IT, audit and compliance, and risk management, according to a report from the South China Morning Post.
It is also set to shut down its retail operation WhaleFin, and is terminating a sponsorship deal with the UK-based Chelsea Football Club, according to a separate report from Bloomberg.
The firm’s major investor’ include Singapore state investment fund Temasek Holdings and Sequoia Capital China.
Amber has recently moved its office from Hong Kong’s central business district to Causeway Bay. It has also, reportedly, delayed payment of bills to some third-party vendors.
In 2021, CEO and co-founder Michael Wu said the company was aiming for an initial public offering in 2022 or 2023.
