Amber Group leaves the US and Europe

Digital asset trading platform Amber Group refuses to enter new markets and focuses its efforts on finding new funding.

The company changed its mind about entering the US and European markets. The main reason for changing preferences is the search for new funding to continue operations. An additional factor was the departure from Amber of key personnel previously hired to develop Amber Group’s business in the United States and European countries.

“We have begun to cut costs in non-core regions, especially in the retail consumer segment, expecting a deterioration in investment sentiment. Our base is in Asia and that is where we have our main market and the most resources,” explained Amber Managing Partner Annabelle Huang.

The company is also reprioritizing its global marketing and sponsorship policy. Amber plans to review sponsorship deals with Atlético Madrid and Chelsea football clubs in the near future, whose total obligations exceed $70 million a year.

In November, the 30-year-old co-founder of the cryptocurrency company Amber Group, Tiantian Kullander, died suddenly in his sleep. The details of his death have not yet been revealed.

Source: Bits

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