The leading digital asset trader, Amber Group, has decided to cut off ties and terminate the sponsorship with Chelsea FC, the football club, as a means to retrench expenses and thereby withstand the market collapse.
Earlier in May 2022, Chelsea FC signed a partnership with Amber Group, to become their Official Sleeve Partner from 2022 to 2023. Amber’s partnership was the first crypto-based sponsor for Chelsea FC with the aim to “introduce WhaleFin to football fans around the world”.
Significantly, the current move by Amber is the aftermath of the bankruptcy of FTX and the sister trader Alameda Research, indicating that since the fall, there had been a decline in the outlook for digital assets.
Consequently, the platform decided to implement retrenchment, as part of a major cost-cutting strategy, as declared by an anonymous person who was reluctant to disclose personal details. The person added that the Singapore-based crypto firm, whose backers include Temasek Holdings Pte and Sequoia China, would reduce …
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Source: Cryptocurrency - investing.com
