Amber Group Acquires Cryptocurrency Exchange Sparrow

An announcement made on December 14 said that the cryptocurrency trading company Amber Group has acquired the Singaporean cryptocurrency platform Sparrow Holdings. Amber Group had around ten percent of its trading capital stranded on FTX at the time that the exchange went out of business.

In August, the Monetary Authority of Singapore granted Sparrow Holdings a payments licence, allowing the company to provide Digital Payment Token services in Singapore in accordance with the Payment Services Act. Sparrow Holdings is a company that provides products and solutions related to digital assets.

Sparrow was established in 2018, and since then it has been working with financial institutions and family offices to build unique digital asset solutions. These solutions help clients accomplish customer-centric growth targets while also meeting regulatory standards.

Amber Group is going through a challenging period right now, and the announcement of the purchase comes at a bad moment. Tiantian Kullander, popularly known as “TT,” the co-founder of C Amber Group, tragically passed away in his sleep on November 23 at the age of 30. This tragic event occurred on November 25.

The news of his passing was immediately followed by a rumour that Amber Group had halted its growth ambitions in the wake of the failure of FTX and the subsequent ripple effects it had on the market.

According to Annabelle Huang, managing partner at Amber, the company has been compelled to deprioritize its new metaverse project as a direct result of the FTX infection. According to reports, the company has also reduced the size of its workforce by terminating the employment of up to forty percent of its workers in the month of September, with other rounds of layoffs occurring in December.

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