News

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 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.

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.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Trump Media Company Is Pushing New Venture For Crypto Service

With the platform facing a cracked whip, Trump Media company is expanding into new business…

43 minutes ago

Crypto Advisory Council Now A White House Position Attracting Leaders

Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…

1 hour ago

Analyst Sounds Major Breakout Alert Amid Shiba Inu, WallitIQ, And Dogecoin Price Recoveries

Analysts highlight a breakout alert as Shiba Inu (SHIB), and Dogecoin show signs of recovery…

2 hours ago

SEC Chair Gary Gensler Will Lose Power From January 20

SEC Chair Gary Gensler will step down on January 20, 2025, coinciding with President-elect Donald…

2 hours ago

MicroStrategy Convertible Notes Now Out of Stock With $3B Raised

The MicroStrategy convertible notes offering, initially set at $1.75 billion, was increased to $2.6 billion…

2 hours ago

Qubetics, Cosmos, and Chainlink: Why These Cryptos Are Your Best Bet for November 2024

Discover why Qubetics, Cosmos, and Chainlink are the best cryptos to buy in November 2024.…

5 hours ago

This website uses cookies.