Amber Group acquires cryptocurrency platform Sparrow exchange: report

Cryptocurrency trading steadfast Amber Group, which had astir 10% of its trading superior stuck connected FTX astatine the clip of the exchange’s collapse, has reportedly acquired cryptocurrency platform, Sparrow Holdings according to an announcement connected Dec. 14.

The Singaporean crypto level Sparrow Holdings, which offers integer assets products and solutions, acquired its payments licence from the Monetary Authority of Singapore successful August, to supply Digital Payment Token (DPT) services successful Singapore, nether the Payment Services Act (PSA).

Founded successful 2018, Sparrow works with fiscal institutions and household offices successful designing bespoke integer plus solutions to execute customer-centric maturation objectives, portion maintaining compliance requirements. 

Related: Amber Group uses elemental hardware to amusement conscionable however fast, casual the Wintermute hack was

The quality of Amber Group's acquisition of Sparrow Holdings comes at a delicate clip for the company. 

On Nov 25, Cointelegraph reported that Amber Group’s co-founder Tiantian Kullander, besides known arsenic “TT,” unexpectedly passed distant successful his slumber connected Nov. 23, astatine the property of 30 years. 

The announcement of the passing of the co-founder was soon followed by a study that Amber Group had paused its enlargement plans pursuing the illness of FTX, and its cascading effects connected the market.

According to managing spouse Annabelle Huang, Amber has besides been forced to deprioritize its caller metaverse task owed to the FTX contagion.

The steadfast has reportedly besides chopped down connected its workforce and laid disconnected up to 40% of its unit successful September, with much rounds of layoffs successful December.