Singapore-based cryptocurrency company Amber Group is cutting back on non-essential activities to focus on its core business.
Amber Group announced the completion of a new $300 million funding round led by blockchain venture capital firm Fenbushi Capital US. The round ended shortly after Amber canceled a previous funding round due to the default of the FTX exchange. In the previous round, the company planned to raise $100 million by January 2023, but managed to raise only half.
Amber representatives said that the new funding will be used to address problems with Amber products that have emerged since the fall of FTX. The company said it had to react quickly by adjusting its strategy. Amber is going to reduce its presence in the global market, sequestering secondary areas in order to focus on the core business.
The Amber Group assured that the default of FTX did not affect the daily work of the company, despite the fact that at the time of the collapse of the crypto exchange, Amber kept about 10% of its trading capital on the site.
Amber in 2022 fired a significant part of its employees – according to some reports, about 40%. In September, it became known that the first 10% of the staff were fired from Amber.
Source: Bits
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