Amber Group Acquires Singapore Crypto Exchange Sparrow

According to The Business Times, Sparrow is now owned by Amber Group, an Asian crypto investment firm. The cryptocurrency exchange was founded in 2018 and has raised $14.2 million. It announced in August that it had been granted a Major Payment Institution license by the Monetary Authority of Singapore, which will allow it to offer digital payment token services in Singapore. This announcement comes as Amber faces financial challenges. In recent months, it has made considerable cost-cutting initiatives, including layoffs and a withdrawal from foreign businesses in places like the United Kingdom and the United States.Amber Group had tremendous growth last year, with a peak workforce of approximately 1,100, which has already dropped to roughly 400.As part of the cost-cutting efforts, Amber will cancel bonuses and reduce managerial compensation, according to Bloomberg.DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.Join us to keep track of news: coincu.comHaroldCoincu NewsTags: amber groupcryptoMASsingaporesparrow