Amber Group slows expansion plans amid bear market fears (Report)

The Amber Group has reportedly only raised half of its $100 million funding round and has halted global expansion efforts due to the ongoing bear market.

The company recently laid off some of its employees after previously admitting that it was an “active trading participant” in the bankrupt cryptocurrency exchange FTX.

Change of plans

Amber Group raised hopes in early 2022 that it would be able to almost triple its valuation and reach $10 billion. However, the shaky state of the cryptocurrency market thwarted these intentions.

According to the Financial Times reports, the Amber Group — which is backed by Singaporean investment firm Temasek — secured $50 million to raise the funds, half of the amount initially planned. Despite the money drop, Annabelle Huang — a managing partner at the company — hasn’t rated the effort as a “fail.”

“We are not under pressure to raise capital,” she added.

Amber Group’s problems appear to have escalated after a crash FTX. The company denied rumors that it had some exposure to the bankrupt entity or Alameda Research. However, he was an “active commercial participant” on FTX.

the organization trimmed Its team size increased by 5-10% in September, citing current “market conditions,” and eviction More employees earlier this month.

The death of the founding partner

A strange but tragic event was the unexpected death of Tiantian Kullander – co-founder of the Amber Group. The 30-year-old died in his sleep at the end of November, while the sources did not disclose whether he was suffering from any disease.

“I lost a dear friend who changed my life, among many other things, in ways he didn’t realize,” Huang said.

Amber Group’s Slow Expansion Plans Post Bear Market Fears (Report) first appeared on CryptoPotato.

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