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Amber Group, a crypto trading firm backed by Sequoia and Temasek, has completed a hefty $300 million Series C funding round as the collapse of FTX rocks the crypto world.
News, a Singapore-based company announced Following Bloomberg on Twitter Friday morning, report A crypto trader has dropped Chelsea FC’s sponsorship deal, claiming it is cutting 40% of its staff amid market turmoil.
Like other crypto trading firms, Amber was exposed to the FTX implosion. At the time of bankruptcy, FTX had less than 10% of its total trading capital. Said“But we had to readjust some positions.”
The rebalancing strategy comes as Fenbushi Capital US, the lead investor in Amber’s latest round, pumped money into the crypto market maker to keep the business going. Fenbushi Capital also backs Amber’s $100 million Series B round June 2021.
While the majority of our clients and products remain intact, some of our specific products have experienced significant drawdowns in the aftermath of FTX’s default unless we can find ways to further protect affected clients. I would have,” Amber said in a tweet. .
Therefore, we have responded quickly to adjust our funding strategy. They participated with the understanding that we were placing
The Series C funding was joined by other crypto-native investors and family offices.Amber was rated last $3 billion in a $200 million Series B extension round in February.bloomberg report The company was valued below $3 billion on Friday.
Amber, which primarily provides liquidity and market-making services in Asia, has traded $1 trillion worth of cryptocurrencies. as of February It has over $5 billion in assets under management.
TechCrunch reached out to Amber about the scale of the recent layoffs. The trading platform, which offers a mix of institutional and retail services, is cutting a “significant” portion of its staff, sources said.
In a tweet, Amber said the layoffs “will be substantial in practice, as we will scale back our large consumer initiatives and non-essential business lines in order to focus on our core business and clients. These were not easy decisions and unfortunately I had to say goodbye to many excellent colleagues. “
Update from Amber’s comment: Unfortunately, a difficult but decisive adjustment was required, which included a restructuring of the organization to an estimated 300 staff and a prudent approach to reducing management salaries, annual bonuses across the organization, and marketing expenses. These decisions included significant decisions to remain resilient in the current market environment.
