Amber Group Raises $50 Million And Halts The Expansion Plans

Financial Times reports that Amber Group has raised about 50 million US dollars from a new sovereign fund, and the transaction will be announced in January. Additionally, the firm will also announce a major acquisition of a licensed business in Singapore this month.

Annabelle Huang, managing Partner of Amber group had said that less than 10% of the firm’s trading capital is stuck in FTX, but the firm acknowledged that the market’s “fluid dynamic” means it will focus on institutional clients in Asia. Besides, the expansion plans in Europe and the US have been put on hold, while projects like the new Metaverse platform are being deprioritized. Amber confirmed the layoffs but declined to confirm the total number of layoffs.

Additionally, Bloomberg News revealed that Amber Group is canceling its retail business and terminating its sponsorship agreement with Chelsea Football Club. The company’s layoff ratio exceeds 40%, and this means that it will reduce the current number of about 700 people to less than 400 people, while the company’s employees had reached about 1,100 people earlier. In addition, the sponsorship agreement between Amber Group and Chelsea Football Club is worth $25 million pounds per year, and Amber is going through legal procedures to terminate the agreement.

According to Coincu’s previous report, Amber has laid off nearly a hundred people again, while the managing partner of Amber stated that user funds are safe and the withdrawal function is open as usual.

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