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- The Singapore-based crypto lender, raised $300 Million in Series-C funding.
- FTX held over 10% of Amber Group’s trading capital.
Amber is ending its operations in Japan and seeking to sell its operations in the country. The managing partner of Amber, Annabelle Huang, said that the company is searching for an alternative, including selling its division based in Japan.
It is important to note that the company plans to register in Hong Kong as a virtual asset trading platform. Annabelle believes that the regulation and environment of Hong Kong is suitable for crypto businesses.
Since the last few months, dozens of crypto-focused companies, including crypto exchanges, have been heading toward Hong Kong. As of now, more than 25 companies have registered for authorities’ approval to begin their operation in the administrative region of China.
Annabelle explained that Hong Kong is leading the way in development, but Singapore is still open. Singapore is developing crypto regulation which might not favor retail investors.
The trading firm took to Twitter to say that its new round of fundraising demonstrates the confidence of investors in their business and the commitment to shape the future together.
Post FTX Effect on Amber Group
According to a known source, Amber Group was affected after FTX collapsed. As a result, the company postponed its funding round in which it was raising $100 Million at a valuation of $2 Billion. FTX cratering led Amber to cut-off their workforce by 40%.
Amber Group previously disclosed that it had under 10% of its total trading capital with FTX at the time of the collapse, still it managed to rebalance a handful of positions. Thus, the failure did not affect daily operations or business continuity.
The crypto lender closed its Series C funding in December 2022 after securing $300 Million from Fenbushi Capital, including a few others. The aftermath of the FTX collapse troubled numerous companies and crypto tokens.
The Series C round is the quick reaction of Amber Group to adjust its fundraising strategy. “The investors came on board with the understanding that the firm will be laser-focused on providing best-in-class services to their client base of institutional and high-net-worth investors.”
Amber group recaptures its late Co-Founder, Tiantian Kullander, who always said, “One step at a time, and we will become the unquestionable category leader in the industry.”
Earlier on January 1, 2023, TheCoinRepublic reported that The co-founder of Amber Group, Tiantian Kullander, nicknamed “TT,” gave up his ghost out of the blue on November 23, 2022, as reported by the official members of his company.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
