• News
  • Altcoins
  • Blockchain
  • Bitcoin
  • Ethereum
  • Cryptocurrency News
What's Hot

Professional Term Papers

May 31, 2023

Samsung Galaxy A02s SM-A025F Binary 3 Full Firmware

May 22, 2023

Sustanon 250 steroid: tutto cio che devi sapere

May 22, 2023
Facebook Twitter Instagram
Bit News Today
  • News
  • Altcoins
  • Blockchain
  • Bitcoin
  • Ethereum
  • Cryptocurrency News
Bit News Today
Home»News»Largest Asian Crypto Firm Amber Reduces Staff and Pauses Fundraising in the Wake of the FTX Fallout
News

Largest Asian Crypto Firm Amber Reduces Staff and Pauses Fundraising in the Wake of the FTX Fallout

Saheel KhirodkarBy Saheel KhirodkarDecember 8, 2022Updated:December 8, 2022No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email
In the midst of the turmoil in the digital asset market caused by the collapse of the FTX exchange, Amber Group, one of Asia’s top crypto platforms, has continued to lay off employees and postponed a funding round.

In the midst of the turmoil in the digital asset market caused by the collapse of the FTX exchange, Amber Group, one of Asia’s top crypto platforms, has continued to lay off employees and postponed a funding round.

Worldwide locations were affected by the job cuts at the Singapore-based company, whose investors include Temasek Holdings Pte and Sequoia China, according to a person familiar with the situation who asked to remain anonymous discussing private information.

The fallout from FTX has caused Amber’s planned $100 million funding round, which would have maintained the startup’s valuation at $3 billion, to be paused, the source said, adding that the company is now looking for a different funding round. Amber had already secured some planned $100 million fundraising that was divided up into multiple parts.

The $2 trillion decline in the value of tokens and significant explosions, the most spectacular of which is FTX, have agitated the crypto market.

Online rumours that Amber might be the next domino to fall have been debunked by Amber itself. After a blockchain data provider claimed it faced bankruptcy based on an analysis of cryptocurrency holdings and transfers, a top executive tweeted on Wednesday that the company is operating “business as usual.”

According to the knowledgeable source, Amber continues to process trades, withdrawals, and deposits as usual. In response to rumors that Amber had closed its offices in China, the person added that the company doesn’t have any presence there.

Amber attempted to wrap up layoffs in November, but the market downturn forced additional reductions, leaving the company’s employee count in Europe at just ten, the source claimed.

Less than 10% of Amber’s trading capital, according to previous statements, is still on FTX, and the funds are not “a threat” to the company’s operations.

The familiar party claimed that while Amber’s overall trading capital has decreased since FTX’s demise, business operations are unaffected.

Former traders from Morgan Stanley founded Amber in 2018, and in February it raised $200 million at a $3 billion valuation.

According to the company website, the platform’s traded volume exceeds $1 trillion and there are more than 1,000 institutional clients. The company announced in September that up to 10% of its staff had been let go.

Tiantian Kullander, a co-founder of Amber, died unexpectedly in his sleep in November at the age of 30.

amber group cryptocurrency cryptocurrency exchange layoff
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Saheel Khirodkar
Saheel Khirodkar
  • Twitter
  • Pinterest
  • Instagram
  • LinkedIn

Saheel works as a content writer for Bitnewstoday. He has always been interested in journalism and enjoys writing. Furthermore, His interest lies in cryptocurrency, and is continuously seeking for new techniques to invest. In his free time, he enjoys staying up to date on the latest industry news and spending time with his family.

Related Posts

How To Create Binance Account 2023

May 15, 2023

Bitcoin’s Next Step: Integration with New Social Systems Technology to Achieve Monetary Status

January 13, 2023

Sensory Immersion Takes Over: Touch and Smell Set to Revolutionize the Metaverse at CES 2023

January 13, 2023

Kraken Announces FLR Token Distribution via Email: Details Inside

January 13, 2023
Add A Comment

Leave A Reply Cancel Reply

Latest Posts

Professional Term Papers

May 31, 2023

Samsung Galaxy A02s SM-A025F Binary 3 Full Firmware

May 22, 2023

Sustanon 250 steroid: tutto cio che devi sapere

May 22, 2023

Kentucky Driver’s License Portal

May 20, 2023
Editor's Picks

How To Create Binance Account 2023

May 15, 2023

Caneschi Andrea Scheda personale Università degli Studi di Firenze

April 27, 2023

Nevada On line casino On the web 300% Accept Plus As much $two to three,000

March 24, 2023

Online Dating Safety and How to Recognize Red Flags

February 14, 2023

Subscribe to Updates

Get the latest sports news from SportsSite about soccer, football and tennis.

Top Insights

Professional Term Papers

May 31, 2023

Samsung Galaxy A02s SM-A025F Binary 3 Full Firmware

May 22, 2023

Sustanon 250 steroid: tutto cio che devi sapere

May 22, 2023
IMPORTANT LINKS
  • DMCA
  • Editorial Policy
  • Fact-Checking Policy
  • About Us
  • Bitnews Home
  • Contact Us
  • Disclaimer
  • Our Team
  • Privacy Policy
  • Terms & Conditions
  • Write For Us
Top Insights

Professional Term Papers

May 31, 2023

Samsung Galaxy A02s SM-A025F Binary 3 Full Firmware

May 22, 2023

Sustanon 250 steroid: tutto cio che devi sapere

May 22, 2023
Get Informed

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

Welcome to BitNewsToday, where we bring you the latest updates and insights on the world of digital currencies. Whether you’re a seasoned crypto trader or just starting to learn about this exciting and rapidly-evolving industry, we’ve got you covered.

Top Insights

Professional Term Papers

May 31, 2023

Samsung Galaxy A02s SM-A025F Binary 3 Full Firmware

May 22, 2023
Connect With Us
Follow us Google News
Facebook Instagram Pinterest LinkedIn Twitter
  • About Us
  • Contact Us
  • Disclaimer
  • DMCA
  • Editorial Policy
  • Fact-Checking Policy
  • Our Team
  • Privacy Policy
  • Terms & Conditions
  • Write For Us
© 2023 BitNewsToday

Type above and press Enter to search. Press Esc to cancel.