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 trade’s collapse, has acquired Singaporean cryptocurrency platform Sparrow Holdings, in response to an announcement on Dec. 14.
Sparrow Holdings, which affords digital property merchandise and options, acquired its funds license from the Financial Authority of Singapore in August to supply Digital Cost Token providers in Singapore underneath the Cost Companies Act.
Based in 2018, Sparrow works with monetary establishments and household places of work to design bespoke digital asset options to attain customer-centric progress 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 referred to as “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 growth plans following the collapse of FTX and its cascading results available on the market.
In accordance with managing associate Annabelle Huang, Amber has additionally been compelled to deprioritize its new metaverse venture because of the FTX contagion.
The agency has reportedly additionally reduce down on its workforce, shedding as much as 40% of its employees in September, with extra rounds of layoffs in December.
