Cryptocurrency buying and selling kind Amber Group has raised $300 million in a Sequence C funding spherical, shut down its retail operations, begun shedding workers, and ended a sponsorship cope with Chelsea Soccer Membership because it seeks to climate the fallout of FTX’s collapse.
Beforehand, the agency had been working to shut a $100 million Sequence B+ extension spherical at a $3 billion valuation “in preparation for a doubtlessly extended crypto winter”.
Nonetheless, it was pressured to leap straight to the Sequence C at a decrease, however undisclosed, valuation.
In a sequence of tweets, Amber says that lower than 10% of its whole buying and selling capital was with FTX on the time of the alternate’s collapse “however we did must rebalance some positions”.
The agency is now narrowing its focus to its core enterprise of institutional and rich shoppers and winding down its mass client efforts.
CEO Michael Wu has instructed Bloomberg that the agency can be shrinking its headcount to early 2021 ranges of 300 folks – from a excessive of 1000 on the finish of the second quarter – and chopping advertising spend, together with a cope with Chelsea FC.