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 accordance with an announcement on Dec. 14.
The Singaporean crypto platform Sparrow Holdings, which presents digital belongings merchandise and options, acquired its funds license from the Financial Authority of Singapore in August, to supply Digital Cost Token (DPT) companies in Singapore, beneath the Cost Companies Act (PSA).
Based in 2018, Sparrow works with monetary establishments and household places of work in designing bespoke digital asset options to attain customer-centric development goals, whereas sustaining compliance necessities.
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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, also referred to 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 enlargement plans following the collapse of FTX, and its cascading results available on the market.
In keeping with managing companion Annabelle Huang, Amber has additionally been compelled to deprioritize its new metaverse venture because of the FTX contagion.
The agency has reportedly additionally lower down on its workforce and laid off as much as 40% of its employees in September, with extra rounds of layoffs in December.
