The cryptocurrency gravy train is threatening to run completely off the rails, and amid an industry-wide downturn, not to mention the collapse of the FTX exchange, companies are tightening belts, cutting back spending, and instituting mass layoffs — while continuing to pretend that this isn’t just a giant house of cards.
Amber Group are no different, with reported layoffs of over half their workforce and a reduction in spending that includes the €25m annual sponsorship agreement with Chelsea. The logo of Amber Group’s flagship platform, WhaleFin, has been displayed on the Chelsea shirt sleeves this season.
That agreement, which was announced less than seven months ago is now apparently in the process of being terminated, though it’s not clear if the termination will occur only at the end of the season or if the contract can be dissolved halfway through the season as well. It should be noted that it was never specified how long this deal was meant to be in place, so it might have been just a single-year deal anyway, or some sort of rolling contract. It’s also not clear if Amber Group are also terminating their five-year contract with Atlético Madrid to be their main shirt sponsor.
In any case, we’ll probably have to look for a new shirt sleeve sponsor for next season. Time for all our new marketing gurus to earn their keep!
