Amber Group acquires cryptocurrency platform Sparrow alternate: report


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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 alternate’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 supply Digital Fee Token (DPT) providers in Singapore, below the Fee 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 progress goals, whereas sustaining compliance necessities. 

Related: Amber Group uses simple hardware to show just how fast, easy the Wintermute hack was

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 called “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 associate Annabelle Huang, Amber has additionally been pressured to deprioritize its new metaverse mission 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.