Amber Group, a Singapore-based crypto firm, has raised US$300 million in a series C round led by Fenbushi Capital and joined by other crypto-native investors and family offices.
Photo credit: Amber
The Temasek-backed firm helps companies trade and manage digital assets. It was founded in 2015 by former Morgan Stanley traders Wayne Huo, Tony He, Michael Wu, and the late Tiantian Kullander, as well as ex-Bloomberg software engineer Thomas Zhu.
In its funding announcement, Amber Group shared that it was completing a series B+ extension round at a US$3 billion valuation to prepare for a “potentially prolonged crypto winter” before the FTX collapse. Afterwards, the company said it had to move forward with the series C.
Amber Group also reiterated that less than 10% of its trading capital was affected by the FTX fiasco, while its daily operations remained unaffected.
Looking ahead, the firm said it will be scaling down its “mass consumer efforts and non-essential business lines.”
See also: Singaporeans feel ‘betrayed’ by Temasek-backed FTX
The funding comes after it was reported earlier this month that Amber Group laid off “hundreds” of staff. The company had also been seeking a fundraise at a US$10 billion valuation as soon as May of this year.
Editing by Thu Huong Le and Lorenzo Kyle Subido
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