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According to Bloomberg, Amber Group, a cryptocurrency trading company, has ended a $25 million sponsorship agreement with Chelsea FC.
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According to a source familiar with the matter, the decision is part of an effective cost-cutting strategy.
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The person spoke under anonymity in order not to disclose personal information.
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Amber Group, supported by Sequoia China and Temasek Holdings, will reduce its workforce from 700 to 400 today, compared to the 1,100 it had previously.
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Chelsea featured Amber's WhaleFin trading platform logo as part of the sponsorship. This was during the current season, 2022/2023.
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Amber's move represents a further deterioration in the prospects for crypto assets following the FTX collapse.
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According to reports, Amber intends to move to Hong Kong for more affordable office space.
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However, smaller offices in other areas are likely to close and allow the rest of the staff to work remotely.
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Tiantian Kullander, one of the company's co-founders, died in November at 30.
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