This investment round demonstrates the confidence that investors have in the Amber Group‘s business.
About the Series C Funding Round
According to the announcement made by Amber Group on its social media account on December 16, 2022, Amber Group has raised $300 million in a Series C funding round. According to the company’s announcement, the round was led by venture capital firm Fenbushi Capital US and participated in the funding round at other crypto-native investors and family offices.
Before the FTX crash, Amber was expanding the Series B+ with a valuation of $3 billion to be ready for the crypto winter, which will potentially extend. However, with the collapse of the FTX, they stopped the Series B tour and then decided to start Series C. They shared it on social media that:
“As previously announced, less than 10% of our total trading capital was in FTX at the time of the collapse, but we had to rebalance some positions. None of this has affected our day-to-day operations or business continuity. While the vast majority of our customers and products are intact, several of our specific products would have experienced significant disadvantages following the FTX if we had not found ways to further protect our affected customers.”
Stating that the FTX case did not affect its daily operations and business continuity, Amber Group underlined that about 10% of its commercial capital was located in FTX during the collapse.
For this reason, Amber Group, which has started the fundraising process quickly, is focused on providing the best services to its customer base consisting of Series C investors, institutional and high net worth investors. Amber stated that in the coming period, it will reduce non-essential business lines and lay off some more employees in order to focus on its main business line and customers.
“These are not easy decisions, we had to say goodbye to many of our great colleagues,” said Amber, who cut their headcount by nearly 40% between September and December 2022.
About Amber Group
Amber Group develops and operates a digital asset platform. The company provides a full range of services covering investment, financing, trading, payments and other services. Amber Group serves its customers worldwide.
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