Amber Group Raises $300 Million After Suffering From FTX Crisis

According to co-founder and CEO Michael Wu, the embattled crypto business Amber Group has raised $300 million, mostly for consumers who lost money on the platform’s goods as a result of FTX’s downfall.
Amber Group Raises $300 Million After Suffering From FTX Crisis

Amber Group announced that it had completed $300 million in a Series C round, led by Fenbushi Capital US, followed by other crypto-native investors and family offices.

Amber Group stated that before the FTX collapse, Amber conducted a B+ round of financing at a valuation of $3 billion to prepare for a possible extended encryption winter and continued to conduct a C round of financing after the FTX collapse. Backed by investors, its priority for 2023 is to focus on its core business and customers.

According to a previous article by Coincu, less than 10% of Amber’s entire trading capital was with FTX at the time of its demise, although the company did have to rebalance some holdings.

Amber Group Raises $300 Million After Suffering From FTX Crisis

While most of its clients and products remained unaffected, the FTX failure would have resulted in huge losses for a handful of the company-specific products.

Due to slow business development and market volatility, the Singapore-based company informed staff this week that performance bonuses will be phased out in 2022. Amber Group also recently announced it had bought Singaporean crypto exchange Sparrow.

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