Crypto Lender Amber Raises $300M To Cover Client Losses From FTX Crash
Cryptocurrency lender Amber Group, founded in 2018 and based in Singapore, has raised $300 million to cover client losses from the FTX collapse, Bloomberg writes.
According to co-founder and CEO Michael Wu, the original plan was to raise $100 million at a $3 billion valuation in multiple installments, but plans were adjusted as the Sam Bankman-Freed stock market crashed. In addition, he stressed that most of the $300 million raised in the Series C round will go to Amber’s institutional and wealthy clients who have invested in FTX-related products.
Earlier it became known that Amber is cutting staff by 40%, curtailing its retail operations and changing offices to cheaper ones, as well as ending its sponsorship deal with Chelsea Football Club.