The news of Amber Group’s acquisition of Sparrow Holdings comes after the firm reportedly laid off up to 40% of its staff in September.
The Singaporean crypto platform Sparrow Holdings, which offers digital assets products and solutions, acquired its payments license from the Monetary Authority of Singapore in August, to provide Digital Payment Token services in Singapore, under the Payment Services Act .
Founded in 2018, Sparrow works with financial institutions and family offices in designing bespoke digital asset solutions to achieve customer-centric growth objectives, while maintaining compliance requirements.On Nov 25, Cointelegraph reported thatThe announcement of the passing of the co-founder was shortly followed by a report thatfollowing the collapse of FTX, and its cascading effects on the market.
According to managing partner Annabelle Huang, Amber has also been forced to deprioritize its new metaverse project due to the FTX contagion. The firm has reportedly also cut down on its workforce and laid off up to 40% of its staff in September, with more rounds of layoffs in December.
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