Amber Group, a cryptocurrency trading company, has landed $300m in a Series C investment round.
According to Finextra, prior to raising the capital Amber has shut down its retail operations, begun laying off staff and ended a sponsorship deal with Chelsea Football Club, as it seeks to deal with the fallout of the collapse of FTX.
The Series C was led by Fenbushi Capital. The round was embarked on by Amber after the collapse of FTX.
Finextra noted that the company had been working on the closure of a $100m Series B+ extension round $3bn in preparation for a ‘potentially prolonged crypto winter’.
However, it was forced to jump straight to the Series C at a lower, but undisclosed, valuation.
In a series of tweets, Amber says that less than 10% of its total trading capital was with FTX at the time of the exchange’s collapse “but we did have to rebalance some positions”.
The firm is now narrowing its focus to its core business of institutional and wealthy clients and winding down its mass consumer efforts.
Financial habit-forming platform Updraft recently netted £108m in equity and debt to support its ambitious growth strategy.
The senior debt funding round of £100m was led by NatWest, with Hampshire Trust Bank also joining to create a £160m senior debt facility for Updraft.
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