Amber Group has acquired Singaporean cryptocurrency platform Sparrow Holdings.
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 to design bespoke digital asset solutions to achieve customer-centric growth objectives while maintaining compliance requirements.
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, laying off up to 40% of its staff in September, with more rounds of layoffs in December.
