The collapse of FTX has led to the closing of a $300 million Series C funding round for amber group.
The news, which the Singapore-based firm announced on Friday morning, follows on the heels of a report that the firm is cutting 40% of its staff.
amber was exposed to the FTX implosion At the time of the collapse, less than 10% of the company's trading capital was with FTX.
Fenbushi Capital US, the lead investor in amber's latest round, pours money into the company to keep it afloat. The Series B round was backed by Fenbushi Capital.
While the majority of our clients and products remain intact, a few of our specific products would have experienced significant drawdowns as an aftermath of the FTX default.
We adjusted our strategy because of that. The Series C investors understood that we would be laser focused on providing best-in-class services to our clients.
Other investors and family offices joined the financing. In February, the company was valued at $2 billion in its Series B extension round. The firm's value has fallen under $3 billion, according to a report.
As of February, the company had traded $1 trillion worth of Cryptocurrencies, with assets under management of $5 billion.
The scale of the recent layoffs has been brought to the attention of amber by the tech site. Sources told us that a portion of the trading platform's staff is being cut.
The layoff will be substantial, as it will be scaling down our mass consumer efforts and non- essential business lines, in an effort to focus on our core businesses and clients. We have had to say goodbye to many of our excellent colleagues as a result of these difficult decisions.
An organizational realignment to an estimated 300 staff as well as the prudent decision to cut management salaries, organization-wide annual bonuses and marketing expenses were necessary. We remain resilient because of this.
Crypto finance startup Amber Group raises $100M at $1B valuation
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