Amber Group Slows Down Expansion Plans on Bear Market Worries (Report)

Amber Group reportedly raised just half of its $100 million funding round and halted its global expansion efforts due to the ongoing bear market.

The company recently laid off a portion of its staff after previously admitting it has been an “active trading participant” on the bankrupt crypto exchange FTX.

Change of Plans

Amber Group raised hopes at the beginning of 2022 that it will manage to boost its valuation nearly three times, reaching $10 billion. The shaken condition of the cryptocurrency market, though, foiled those intentions.

According to a Financial Times coverage, Amber Group – which is backed by Singapore’s investment company Temasek – secured a $50 million fundraiser, which is half of the initially planned amount. Despite the reduced funds, Annabelle Huang – Managing Partner at the firm – did not classify the effort as “unsuccessful.” 

“We are not under pressure to raise capital,” she added.

Amber Group’s issues seem to have escalated after the collapse of FTX. The company dismissed the rumors that it had some exposure to the bankrupt entity or Alameda Research. However, it has been an “active trading participant” on FTX.

The organization trimmed the size of its team by 5-10% in September, citing current “market conditions,” and laid off more employees earlier this month.

The Death of the Co-Founder

A curious and yet tragic event was the unexpected death of Tiantian Kullander – Co-Founder of Amber Group. The 30-year-old man passed away in his sleep at the end of November, while sources failed to provide information on whether he suffered from any illness.

“Lost a dear friend who has changed my life, among many others, in ways he didn’t realize,” Huang stated.


Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Source link

Related posts

Coinbase Suspends Crypto Purchase Through UPI Days After Launch to Avoid Regulatory Trouble

Elaine Watlington

BTC/USD Bears Could Demolish $19,000 Support

Elaine Watlington

ETH liquidations in last 24 hours will make you rethink your trading decision

Elaine Watlington

Bitcoin Price Remains Stagnated Can Expect Rebound?

Elaine Watlington

Uniswap Labs valued at $1.66 billion in $165 million new funding

Elaine Watlington

Ripple reports XRP holdings below 50% for the first time

Elaine Watlington

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More