After layoffs and savings: Crypto company Amber Group raises millions in financing round

• Chelsea sponsorship deal terminated
• Amber Group is separating about 300 employees
• US$300 million Series C round closed

The Amber Group

The Amber Group is a company that deals with digital assets around the globe. The team now consists of more than 1,000 employees, including technologists, dealers and engineers. Amber Group’s headquarters are in Singapore, but the company also has offices in Hong Kong, Japan, Australia, Dubai, EMEA and North America. The Amber Group primarily operates on the market as a liquidity provider, miner and validator on over 70 exchanges, applications and networks. The aim is to support individuals, institutions and brands in producing, trading, collecting and investing in digital assets. “We believe in a future where regulation is respected and individuals can take charge of their financial and creative lives,” the company said on its website.

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Amber Group lays off 300 employees

The collapse of FTX shook the crypto world in November and with it the Amber Group. At the time of the collapse, less than 10 percent of all trading capital was in FTX, with the company tweeting that “we had to rebalance some positions.” Prior to FTX’s collapse, the company was in the process of completing a funding round valued at $3 billion to prepare for a potentially longer crypto winter. After the collapse of FTX, these ventures were paused after a partial close. Instead, it continues to focus on Series C. According to TechCrunch, Bloomberg also reported that the company has abandoned its sponsorship deal with Chelsea FC and would lay off 40 percent of its employees amid the market turmoil. Finally, when asked by TechCrunch, the company said: “Unfortunately, difficult but determined adjustments were required, and these included an organizational realignment to an estimated 300 employees, as well as the prudent decision to cut management salaries, organization-wide annual bonuses and marketing spend. This is necessary so that we remain resilient in the current market environment.”

$300 million funding round

Finally, on Dec. 16, Amber Group announced via Twitter that the company had closed a $300 million Series C round led by Fenbushi Capital US and also joined by other crypto-savvy investors and family offices .

“This new round of funding demonstrates investors’ confidence in Amber’s business and commitment to building our future together. As part of that future, it is important for us to adapt and protect our customers in this challenging market environment,” said Amber group. In the future, the company’s efforts in the less important business areas are to be scaled back so that it can concentrate on the core businesses and large customers. These decisions, including saying goodbye to many “outstanding colleagues”, were not easy for the company. “Our priority for 2023 is to focus on our core business and key customers with the support of our investors. This year has been difficult for many reasons, but we are very grateful for the support and trust,” Amber Group said on Twitter .

E. Schmal / Editor finanzen.net

Image sources: Westend61/Getty Images, Alexander Yakimov/Shutterstock



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