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 change’s collapse, has reportedly acquired cryptocurrency platform, Sparrow Holdings in response to an announcement on Dec. 14.
The Singaporean crypto platform Sparrow Holdings, which affords digital property merchandise and options, acquired its funds license from the Financial Authority of Singapore in August, to offer Digital Cost Token (DPT) companies in Singapore, beneath the Cost Providers Act (PSA).
Based in 2018, Sparrow works with monetary establishments and household workplaces in designing bespoke digital asset options to realize customer-centric progress targets, whereas sustaining compliance necessities.
The information of Amber Group’s acquisition of Sparrow Holdings comes at a delicate time for the corporate.
On Nov 25, Cointelegraph reported that Amber Group’s co-founder Tiantian Kullander, often known as “TT,” unexpectedly handed away in his sleep on Nov. 23, on the age of 30 years.
The announcement of the passing of the co-founder was shortly adopted by a report that Amber Group had paused its expansion 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 pressured to deprioritize its new metaverse venture as a result of FTX contagion.
The agency has reportedly additionally minimize down on its workforce and laid off as much as 40% of its employees in September, with extra rounds of layoffs in December.