Distressed Crypto Platform Amber Group Secures $300 Million Fundraiser

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Amber Group – a cryptocurrency platform backed by Singaporean investment firm Temasek – completed a $300 million funding round. The money will be distributed to customers affected by the FTX collapse.

The company, which has faced serious problems due to the ongoing bear market, recently acquired the Singaporean stock exchange – Sparrow Holdings.

Try to repay the victims

As announced on Twitter, the Series C fundraiser was led by Fenbushi Capital US. Amber Group said the move showed “investor confidence” in the company’s operations and its commitment to cooperate with the platform despite its recent issues.

“As part of this future, it is important for us to adapt and protect our customers in this difficult market environment,” the platform said.

As previously reported, Amber Group had no exposure to FTX or Alameda Research. On the other hand, he was an “active trading participant” on the bankrupt trading platform.

Funds from the last funding round will reach clients who lost money on platform products due to the collapse of FTX.

Amber Group aimed to secure another $100 million fundraiser earlier this month, but only achieved half of the planned amount, citing the negative effects of the crypto winter.

While the organization had more than 1,000 employees a few months ago, it had to reduce the size of its team as a cost-cutting measure. It laid off about 10% of its workforce in September and continued the wave of layoffs in December.

In addition, Amber Group had to apply pay cuts and terminated some of its partnerships, such as the one with the popular British football team – Chelsea FC. CEO Michael Wu has further hinted that the collaboration with Atletico de Madrid could also end as the entity ‘reduces all marketing efforts’.

Another shocking event for the organization was the unexpected death of Amber Group’s co-founder – Tiantian Kullander. The Hong Kong businessman, known as ‘TT’, has mysteriously died in his sleep, aged just 30.

The last purchase

Amber Group recently purchased Singaporean cryptocurrency exchange Sparrow Holdings.

The latter obtained a payment institution license from the Monetary Authority of Singapore in August and offers a variety of digital asset products and solutions to its customers.

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