Cryptocurrency buying and selling agency Amber Group is placing its enlargement plans on maintain regardless of the FTX contagion having “no disruption” to its each day operations, the Monetary Occasions reported on Dec. 9.
Amber has scrapped plans to increase in Europe and the US as a consequence of publicity to the now-defunct alternate FTX and can concentrate on institutional shoppers in Asia, in line with managing associate Annabelle Huang.
Huang additionally stated that Amber has been compelled to deprioritize its new metaverse venture as a result of FTX contagion.
Aside from ditching its enlargement 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 keeping with Huang, Amber had roughly 10% of its buying and selling capital caught on FTX, which isn’t a problem for the corporate’s each day operations. According to its plans to proceed servicing clients 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. Just like Amber’s earlier $200 million spherical, the brand new funding values the agency at $3 billion. The raised quantity is simply half of what Amber initially anticipated to safe.
Amber doesn’t take into account its ongoing elevate to be unsuccessful, Huang stated. “We’re not underneath stress to lift capital,” she famous, including that it’s going to additionally announce a serious 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 reply to allegations that Amber was “on the verge of chapter,” stating:
“We proceed to function enterprise as typical. When you have any considerations, withdrawals are open as typical.”
The allegations had been made by on-chain analyst Lookonchain, which detected some important discrepancies between wallets allegedly owned by Amber and the reported funds and buying and selling volumes.
