Amber Group – a cryptocurrency platform backed by Singapore’s funding firm Temasek – accomplished a $300 million funding spherical. The cash might be distributed to purchasers affected by the FTX collapse.
The corporate, which had to deal with extreme points as a result of ongoing bear market, just lately acquired the Singaporean alternate – Sparrow Holdings.
Attempting to Reimburse Victims
As announced on Twitter, the Collection C fundraiser was led by Fenbushi Capital US. Amber Group mentioned the transfer exhibits “investor confidence” within the agency’s operations and dedication to cooperate with the platform regardless of its current points.
“As a part of that future, it’s vital for us to adapt and shield our purchasers on this difficult market setting,” the platform said.
As beforehand revealed, Amber Group didn’t have publicity to FTX or Alameda Analysis. However, it has been an “lively buying and selling participant” within the bankrupt buying and selling venue.
The funds from the newest funding spherical will attain these purchasers who misplaced cash on the platform’s merchandise as a result of FTX meltdown.
Amber Group aimed to safe one other $100 million fundraiser earlier this month however accomplished solely half of the deliberate quantity, citing the unfavorable results of the crypto winter.
Whereas the group had over 1,000 staff a couple of months in the past, it needed to trim the scale of its staff as a cost-cutting measure. It laid off round 10% of its headcount in September and continued the dismissal spree in December.
As well as, Amber Group needed to implement wage reductions and terminated a few of its partnerships, such because the one with the favored British soccer staff – Chelsea FC. CEO Michael Wu additional hinted that the collaboration with Atletico de Madrid may additionally stop because the entity is “lowering all advertising and marketing efforts.”
The surprising loss of life of Amber Group’s Co-Founder – Tiantian Kullander – was one other stunning occasion for the group. The Hong Kong businessman, generally known as “TT,” mysteriously handed away in his sleep, aged simply 30.
The Newest Acquisition
Amber Group just lately purchased the Singaporean cryptocurrency alternate Sparrow Holdings.
The latter obtained a cost establishments license from the Financial Authority of Singapore in August and gives quite a lot of digital asset merchandise and options to clients.
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