Amber has accomplished a brand new $300 million Collection 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 Collection B funding and proceed with Collection C as a substitute as a result of FTX collapse.
Previous to the failure of FTX, Amber was in technique of finishing an extension of its Collection B at a $3 billion valuation. As beforehand reported, the corporate was planning to lift $100 million as a part of the Collection B funding, concentrating on to finish the spherical by January 2023. As of mid-December 2022, Amber raised $50 million within the spherical.
The most recent funding from Fenbushi goals to assist Amber tackle a number of the “important drawdowns” of Amber’s particular merchandise as an aftermath of the FTX default, the agency mentioned.
“That’s why we reacted shortly to regulate our fundraising technique,” Amber famous, including that the agency shall be additionally cutting down its mass client efforts and “non-essential enterprise traces” to deal with core companies. As such, Amber has scrapped plans to broaden to Europe and the USA, additionally ditching some metaverse-related tasks.
Amber reiterated that the FTX contagion has not impacted the corporate’s every day operations regardless of Amber having about 10% of its whole buying and selling capital on FTX on the time of its collapse.
Associated: FTX US ex-president reportedly seeks $6M funding to launch crypto startup
The corporate additionally talked about that it needed to lay off some staff because of the FTX contagion: “These haven’t been straightforward selections, and we, sadly, have needed to say goodbye to lots of our wonderful colleagues.” In response to some experiences, 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 implications of buying and selling publicity to the bankrupt alternate FTX by proactively elevating new funding.
