Amber Group received an investment of 300 million dollars

Amber Group received an investment of 300 million dollars

amberhas raised $300 million in a Series C funding round led by blockchain-focused venture capital firm Fenbushi Capital US, the company announced on Dec.

Having halted the Series B round due to the collapse of FTX, Amber has decided to move forward with the Series C funding round.

Amber was on track to wrap up the extended Series B round before FTX’s bankruptcy with a market cap of $3 billion. The company was aiming to complete its Series B funding round with $100 million by January 2023. Amber has raised $50 million as of December 2022.

The latest round of funding, led by Fenbushi, is intended to help Amber address “serious issues” with certain products after FTX’s bankruptcy.

“That’s why we moved quickly to adjust our fundraising strategy,” said Amber, explaining that the company will also focus on core businesses by reducing the scope of mass consumer studies and secondary business lines.

Amber reiterated that the FTX events did not affect the company’s day-to-day operations. On the other hand, about 10 percent of Amber’s total working capital was held in FTX at the time of its bankruptcy.

Amber also mentioned that due to the bankruptcy of FTX, she had to downsize her workforce. “These are not easy decisions, we had to say goodbye to many of our wonderful colleagues,” said Amber, who cut headcount by 40 percent between September and December 2022.

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