Temasek-backed Amber Group has acquired fellow Singaporean crypto bourse Sparrow, in the midst of ongoing concerns about the former’s financial health.
Amber Group fully acquired Sparrow Holdings on November 29, according to regulatory records in Singapore. In August, homegrown crypto platform Sparrow announced that it had obtained a payment institutions license from the Monetary Authority of Singapore.
The timing of the acquisition is noteworthy as Amber is currently facing concerns about its financial health following the collapse of FTX. Reports have emerged, claiming headcount cuts and delayed severance payments to staff at the firm. Separately, founder Tiantian Kullander unexpectedly died in his sleep in late November at the age of 30.
Amber was founded in 2017 by Kullander and ex-Morgan Stanley traders. Its backers include Singapore's Temasek alongside other major investors such as Sequoia China and Tiger Global Management.
