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amber group announced that it had raised $300 million in a Series C funding round on December 16th. It also revealed plans to lay off up to 400 employees and cancel performance-based bonuses, as reported by Bloomberg News.
Amber Group initially reacted to Bloomberg News article state The company was “business as usual” following the statement claimed “After certain false allegations were made against Amber today, our attorneys will soon issue a public statement and take potential legal action.”
News about the latest funding round reveals that it is led by Fenbuhi Capital US. Commenting on the round, Amber Group said it will scale back and increase its focus on its core business to deliver best-in-class services despite the bear market.
The Series C funding round is Amber Group’s third funding round this year. The company previously raised his $3 billion in funding in February 2022, and another $50 million in a private round in December 2022.
Singapore-based Amber Group has been affected by the collapse of FTX. However, he said less than 10% of his capital is in his FTX and has no impact on his day-to-day operations.
Amber Group CEO Michael Wu said:
Even before FTX collapsed, we were preparing for the potential for a prolonged crypto winter.
On December 15, the company announced that it would cancel performance-based bonuses for 2022, citing “slow business growth and market uncertainty.” bloomberg newsAmber is also considering cutting management salaries to cut costs.
Amber Group started the year with about 1,100 employees. It laid off 400 people in September, down 36%. Now the company is looking to cut another 40% from his current team of 700 to at least 400. Overall, the company will shrink from his 1,100 in January to 400 in December, a 63% reduction by the end of 2022.
In the meantime, we also announced the venture capital firm paradigm cutting According to a December 14 statement, the salaries of the board of directors will be reduced by 15%.
Paradigm announced the news via its official Twitter account, citing market repercussions following the collapse of FTX as the reason for the pay cut.
The company said the decision was made to reduce the need for layoffs. The company believed pay cuts would have less impact on organizational momentum than layoffs, according to the statement.
The layoffs hit the crypto space in June, a month after Terra (LUNA) collapsed. Gemini was the first company to choose to downsize. Other crypto giants such as Coinbase, BlockFi, Crypto.com and blockchain.com also joined the wave and let go of some of their staff.
Crypto Twitter reacted to the layoff announcement suggest The boards of these companies should cut salaries rather than lay people off. So far, such decisions have come only from his Paradigm, while others preferred miniaturization.
