According to a source cited in a Bloomberg <a href="https://www.bloomberg.com/news/articles/2022-12-09/crypto-s-amber-to-end-chelsea-sponsorship-axe-over-40-of-jobs-in-ftx-fallout?leadSource=uverify%20wall" target="_blank" rel="nofollow noopener">article</a>, Singapore-based cryptocurrency trading company <a href="https://www.cryptoknowmics.com/news/amber-groups-co-founder-tiantian-kullander-dies-at-30">Amber Group</a> is ending a $25 million endorsement deal with football team Chelsea FC.
<h2>Chelsea Wore Jerseys with the Logo of Amber System</h2>
According to the article, Temasek and Sequoia Capital-backed Amber Group is also cutting off about 300 employees to reduce its personnel from over 1,100 to under 400. As part of the partnership, Chelsea wore jerseys with the emblem of Amber's WhaleFin trading system for the current 2022–2023 season.

The decision to cut back on staff and cancel the endorsement, which was just disclosed seven months ago, was made amid a period of cyclical weakness in the cryptocurrency sector that saw the failure of significant businesses, including <a href="https://www.cryptoknowmics.com/news/ftx-employs-forensics-teams-to-track-down-clients-lost-billions">FTX</a>, <a href="https://www.cryptoknowmics.com/news/blockfi-files-for-bankruptcy-protection-following-collapse-of-ftx">BlockFi</a>, and <a href="https://www.cryptoknowmics.com/news/bankruptcy-judge-demands-return-of-44m-in-crypto-to-celsius-users">Celsius Network.</a>
<h2>Suspension of Extension</h2>
The <a href="https://www.cryptoknowmics.com/news/paypal-extends-cryptocurrency-service-to-luxembourg">cryptocurrency</a> dealer is also scaling up its retail activities, which will result in a reduction of its client base from hundreds of thousands to just 100 as it concentrates on investment firms and family offices.

Additionally, according to an FT story, Amber only received $50 million out of a projected $100 million investment, and it suspended its expansion ambitions. Crypto detective lookonchain claims that Amber Group has barely $9.46 million in assets, leading on-chain analysts to speculate that Amber Group may follow the lead of Alameda Research, the trading company connected to FTX that collapsed last month.

Amber Group Cancels $25M Chelsea Endorsement Deal Amid Job Losses

According to a source, Singapore-based cryptocurrency trading company Amber Group is ending a $25 million endorsement deal with football team Chelsea FC.

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Amber Group Cancels $25M Chelsea Endorsement Deal Amid Job Losses

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