Cryptocurrency buying and selling agency Amber Group, which had roughly 10% of its buying and selling capital caught on FTX on the time of the alternate’s collapse, has acquired Singaporean cryptocurrency platform Sparrow Holdings, in keeping with an announcement on Dec. 14.
Sparrow Holdings, which gives digital belongings merchandise and options, acquired its funds license from the Financial Authority of Singapore in August to supply Digital Cost Token companies in Singapore underneath the Cost Companies Act.
Based in 2018, Sparrow works with monetary establishments and household workplaces to design bespoke digital asset options to attain customer-centric development goals whereas sustaining compliance necessities.
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The information of the acquisition comes at a delicate time for Amber Group.
On Nov. 25, Cointelegraph reported that Amber Group’s co-founder Tiantian Kullander, also called “TT,” unexpectedly handed away in his sleep on Nov. 23 on the age of 30.
The announcement of the passing was adopted shortly thereafter by a report that Amber Group had paused its enlargement plans following the collapse of FTX and its cascading results available on the market.
In line with managing accomplice Annabelle Huang, Amber has additionally been compelled to deprioritize its new metaverse mission as a result of FTX contagion.
The agency has reportedly additionally lower down on its workforce, shedding as much as 40% of its workers in September, with extra rounds of layoffs in December.
