Amber has accomplished a brand new $300 million Sequence C funding spherical, led by blockchain-focused enterprise capital firm Fenbushi Capital US, the agency introduced on Twitter on Dec. 15.
The brand new funding spherical comes as Amber has determined to pause its earlier Sequence B funding and proceed with Sequence C as an alternative on account of FTX collapse.
Previous to the failure of FTX, Amber was in means of finishing an extension of its Sequence B at a $3 billion valuation. As beforehand reported, the corporate was planning to boost $100 million as a part of the Sequence B funding, focusing on to finish the spherical by January 2023. As of mid-December 2022, Amber raised $50 million within the spherical.
The newest funding from Fenbushi goals to assist Amber tackle among the “important drawdowns” of Amber’s particular merchandise as an aftermath of the FTX default, the agency stated.
“That’s why we reacted rapidly to regulate our fundraising technique,” Amber famous, including that the agency will likely be aso cutting down their mass shopper efforts and “non-essential enterprise strains” to give attention to core companies. As such, Amber has scrapped plans to develop to Europe and america, additionally ditching some metaverse-related tasks.
Amber reiterated that the FTX contagion has not impacted the corporate’s day by day operations regardless of Amber having about 10% of its whole buying and selling capital on FTX on the time of its collapse.
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The corporate additionally talked about that it needed to lay off some staff as a result of FTX contagion: “These haven’t been simple selections, and we, sadly, have needed to say goodbye to lots of our glorious colleagues.” In accordance with some studies, Amber laid off greater than 40% of its employees in September and December 2022.
Regardless of ditching growth plans and shedding employees, Amber has not given up on its acquisition ambitions. On Dec. 14, Amber acquired the Singaporean crypto platform Sparrow Holdings for an undisclosed quantity.
Cryptocurrency buying and selling agency Amber Group is taking motion to mitigate the results of buying and selling publicity to the bankrupt trade FTX by proactively elevating new funding.