Amber Group raises $300 million in Series C led by Fenbushi Capital US

Amber Group raises $300 million in Series C led by Fenbushi Capital US.

The cryptocurrency platform Amber Group has raised $300 million in a Series C funding round, led by Fenbushi Capital US.

2) This new round of fundraising demonstrates investor confidence in Amber’s business and the commitment to shape our future together. As part of that future, it’s important for us to adapt and protect our clients in this challenging market environment.

— Amber Group (@ambergroup_io) December 16, 2022

According to the statement, the financing was also provided by ‘other cryptocurrency investors and family offices’. They did not disclose their names or valuation.

“This round demonstrates investor confidence in Amber’s business and the commitment to build our future together. As part of that future, it is important for us to adapt and protect our clients in the challenging market conditions,” the company said.

Amber Group added that before the FTX collapse they planned to conduct a Series B+ round and keep a $3 billion valuation. However, after the collapse of Sam Bankman-Fried’s structures, the platform immediately shifted to a Series C.

According to Bloomberg, the bulk of the funds raised were earmarked for client payouts. One of them allegedly is the co-founder and CEO of the Vauld crypto-lending platform, Darshan Bathija. Earlier reports suggested Amber Group owed him around $130 million.

The company said it plans to cut back on secondary lines and focus on ‘the core business and clients’.

7) Moving forward, we will be scaling down our mass consumer efforts and non-essential business lines, in an effort to focus on our core businesses and clients. These have not been easy decisions, and we unfortunately have had to say goodbye to many of our excellent colleagues.

— Amber Group (@ambergroup_io) December 16, 2022

Earlier in December, Amber Group canceled annual bonuses for employees and reduced management salaries due to slow business growth and industry uncertainty.

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