The Amber Group rounds up its Series C funding, getting $300 million to help the company streamline its services amid the crypto winter. It pushed up the funding due to the sudden effects of the FTX collapse.
Following the FTX crash, the Amber Group is among the companies looking for ways to mitigate the effects. According to a report from December 16, the Amber Group completed its Series C round, with the main contributor being Fenbushi Capital US. The Twitter thread also mentioned that other crypto investors participated in the round.
This round has a main focus on protecting its customers’ interests. Furthermore, the company believed that investors still had faith in its services, leading to the generous contribution. It rounded up its series B in June 2021, planning to kick off major hiring sprees, R&D, marketing, maintaining regulations, and more. Also, it had an extended Series B in February, collecting $200 million.
However, since the FTX crash, the company is currently retrenching several employees, speculated to be as many as 300. This number is approximately 40% of the current staff. Additionally, it has to terminate several deals, including its sponsorship for Chelsea football club.
The Amber Group is a Singapore-based company with over 1000 institutional investors and over $1 trillion in traded volume. It provides validator, mining, and liquidity provision services. Its offices include the US, Japan, Hong Kong, EEMA, and more.
The Amber Group mitigating possible risks
Although, an important aspect of the situation is that the Amber Group didn’t have many assets in FTX. Nonetheless, some changes were necessary for the long run. That way, it can adapt to the crypto winter while ensuring it looks after its client properly. It also assures its customers that business is as usual despite the ups and downs.
Unfortunately, the FTX fiasco is not the only sad situation the company has faced this year. In late November, it lost its co-founder, Tiantian Kullander, who was hailed as one of the pivotal figures in Amber’s success story.
While Amber tries to regain consistency in all its services, it announced on the Twitter thread that it will cut down on any unnecessary businesses for now. This vision will carry on into 2023, ensuring its top services and investors have the best. The company also wished to express gratitude for its clientele and investors’ faith.
