Amber Group, a cryptocurrency platform backed by Singapore funding agency Temasek, has accomplished a $300 million funding spherical. This fund might be distributed to shoppers affected by the FTX collapse.
The corporate, which has needed to cope with severe issues as a result of ongoing bear market, lately acquired Singaporean trade Sparrow Holdings.
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As announced On Twitter, the Sequence C fundraiser was led by Fenbushi Capital US. Amber Group mentioned the transfer demonstrates “investor confidence” within the firm’s operations and a dedication to working with the platform regardless of current issues.
“As a part of that future, it’s crucial that we adapt to this difficult market surroundings and shield our shoppers,” mentioned the platform.
As beforehand disclosed, Amber Group had no contact with FTX or Alameda Analysis. However, it has change into an “energetic buying and selling participant” on failed exchanges.
Funding from the newest funding spherical will go to shoppers who misplaced cash on the platform’s merchandise as a result of FTX meltdown.
amber group aimed toward .
A number of months in the past, we had over 1,000 staff and wanted to downsize our group to chop prices.That dismissed About 10% of staff in September, continuation Dismissal commotion in December.
Moreover, Amber Group needed to implement wage cuts and needed to finish a few of its partnerships, together with one with well-liked English soccer group Chelsea FC. CEO Michael Wu additional hinted that the collaboration with Atlético de Madrid may additionally finish because the membership is “lowering all advertising efforts”.
The sudden demise of Amber Group co-founder Tiantian Kullander was one other devastating occasion for Amber Group.Hong Kong Businessman Curiously Referred to as ‘TT’ Handed away In his sleep, solely 30 years outdated.
Amber Group lately acquired Singaporean cryptocurrency trade Sparrow Holdings.
The latter obtained a cost establishment license from the Financial Authority of Singapore in August and provides a spread of digital asset merchandise and options to its clients.
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