Crypto lender Amber leaves Japan and plans to sell its subsidiary

[ad_1]

The Singapore-based crypto lender raised $300 million in Series C funding. FTX owned over 10% of Amber Groups’ trading capital.

Amber is ending its operations in Japan and is looking to sell its operations in the country. Amber’s managing partner, Annabelle Huang, said the company was looking for an alternative, including selling its Japan-based division.

Importantly, the company plans to register in Hong Kong as a virtual asset trading platform. Annabelle thinks Hong Kong’s regulations and environment are suitable for crypto businesses.

Over the past few months, dozens of crypto-focused businesses, including crypto exchanges, have headed to Hong Kong. To date, more than 25 companies have registered to seek approval from authorities to start operations in the administrative region of China.

Annabelle explained that Hong Kong is leading the way in development, but Singapore is always open. Singapore is developing crypto regulations that may not favor retail investors.

1) Today we announced that Amber Group has completed a $300 million Series C funding round, led by Fenbushi Capital US and joined by other crypto-native investors and family offices.

— Amber Group (@ambergroup_io) December 16, 2022

The trading company took to Twitter to say its new fundraising demonstrates investors’ confidence in their business and commitment to shaping the future together.

Post FTX Effect on Amber Group

According to a known source, Amber Group was affected after the collapse of FTX. As a result, the company postponed its funding round in which it raised $100 million at a $2 billion valuation. The formation of FTX craters led Amber to reduce its workforce by 40%.

Amber Group previously revealed that it held less than 10% of its total trading capital with FTX at the time of the collapse, but it still managed to rebalance a handful of positions. Thus, the outage did not affect day-to-day 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 more. The aftermath of FTX’s collapse has troubled many crypto businesses and tokens.

The Series C round is Amber Group’s quick reaction to adjust its fundraising strategy. “Investors have come to us knowing that the firm will be focused on providing top-notch services to its clientele of institutional and high net worth investors.”

The Amber Group takes over its late co-founder, Tiantian Kullander, who always said, “One step at a time, and we will become the clear category leader in the industry.”

Earlier on January 1, 2023, TheCoinRepublic reported that Amber Group co-founder Tiantian Kullander aka “TT” dropped his ghost out of the blue on November 23, 2022, as reported by official members of his company.

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets comes.

Andrew is a blockchain developer who developed his interest in cryptocurrencies during his post-grad studies. He is a fine observer of details and shares his passion for writing while being a developer. His backend blockchain knowledge helps him bring a unique perspective to his writing

Latest posts by Andrew Smith (see all)

[ad_2]