Amber Group ditches growth plans after denying insolvency: Report


Cryptocurrency buying and selling agency Amber Group is placing its growth plans on maintain regardless of the FTX contagion having “no disruption” to its every day operations, the Monetary Instances reported on Dec. 9.

Amber has scrapped plans to broaden in Europe and the USA as a consequence of publicity to the now-defunct trade FTX and can deal with institutional shoppers in Asia, in line with managing companion Annabelle Huang.

Huang additionally stated that Amber has been pressured to deprioritize its new metaverse venture as a result of FTX contagion.

Other than ditching its growth plans, the agency has reportedly been reducing its headcount. After reportedly shedding as much as 40% of its workers in September, the agency continued to put off staff once more in December.

In accordance with Huang, Amber had roughly 10% of its buying and selling capital caught on FTX, which isn’t a difficulty for the corporate’s every day operations. According to its plans to proceed servicing prospects in Asia, Amber has continued working to lift new funding and make new acquisitions.

The Temasek-backed firm has raised about $50 million in funding from a brand new sovereign fund, with the deal to be introduced in January. Much like Amber’s earlier $200 million spherical, the brand new funding values the agency at $3 billion. The raised quantity is barely half of what Amber initially anticipated to safe.

Amber doesn’t contemplate its ongoing elevate to be unsuccessful, Huang stated. “We’re not underneath strain to lift capital,” she famous, including that it’ll additionally announce a significant acquisition of a licensed Singaporean enterprise this month.

Associated: Amber Group’s co-founder Tiantian Kullander passes away at 30

The information comes shortly after Huang denied allegations of Amber’s insolvency. The chief took to Twitter on Dec. 6 to answer allegations that Amber was “on the verge of chapter,” stating:

“We proceed to function enterprise as standard. When you’ve got any issues, withdrawals are open as standard.”

The allegations have been made by on-chain analyst Lookonchain, which detected some vital discrepancies between wallets allegedly owned by Amber and the reported funds and buying and selling volumes.


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