Amber Group ditches expansion plans after denying insolvency: Report

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The Temasek-backed Amber has received $50 million in funding from a sovereign fund. The deal is expected to be announced in January. News Own this piece in crypto history. The NFTCryptocurrency trading company Amber Group has put its expansion plans on hold despite the FTX contagion having “no disrupt” its daily operations. According to Annabelle Huang, managing partner, Amber will now focus on institutional clients in Asia. Huang reported that Amber was forced to prioritize its new metaverse project because of the FTX contagion. This was also reported by the Financial Times on December 9. The firm laid off 40% of its staff in September and continued to do so in December. According to Huang, Amber still had 10% of its trading capital on FTX. This is not an issue for the company’s daily operations. Amber continues to work to secure new funding and acquire new customers in Asia in line with its plans. The Temasek-backed company has received $50 million in funding from a sovereign fund. The deal will be announced in January. The new funding is similar to Amber’s previous $200m round and values the company at $3 billion. Huang stated that Amber doesn’t consider the current raise to be a failure, even though it is twice what she originally expected to secure. Huang denied that Amber was insolvent. On Dec. 6, the exec responded to claims that Amber was “on top of bankruptcy” and stated: “We continue to run business as usual. On-chain analyst Lookonchain made the allegations and found significant discrepancies in Amber’s wallets and reported trading volumes.