Amber Group @ambergroup_io Tweets：
Today, we’re announcing that Amber Group has completed a $300M Series-C round, led by Fenbushi Capital US and joined by other crypto-native investors and family offices.
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.
Prior to the collapse of FTX, Amber was in the process of completing an extension to our Series B+ at a $3B valuation in preparation for a potentially prolonged crypto winter. Post the FTX collapse, we paused after a partial closing and instead moved forward on Series C.
As previously disclosed, less than 10% of our total trading capital was with FTX at the time of its collapse, but we did have to rebalance some positions. None of this impacted our daily operations or our business continuity.
While the vast 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, unless we could find ways to further protect those affected clients.
That’s why we reacted quickly to adjust our fundraising strategy. The Series C investors came on board with the understanding that we will be laser-focused on providing best-in-class services to our client base of institutional and high-net-worth investors.
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.
Our priority for 2023, with the support of our investors, is to focus on our core business and clients. This year has been tough for many reasons, but we’re tremendously grateful for the support and confidence.
As our late co-founder and dear friend Tiantian always said, “One step at a time, and we will become the unquestionable category-leader in the industry.”
Related news：
All Comments