Singapore-based crypto trading and lending platform Amber Group has completed a $300 million Series C funding round to protect clients affected due to the collapse of FTX’s collapse, it shared of Twitter on Friday.
The funding round was led by Shanghai-based Fenbushi Capital US and joined by other blockchain-focused venture capital investors and family offices. The funding will be used to provide priority service to Amber’s client base of institutional and high-net-worth investors.
Amber was in the process of completing an extension to the Series B+ round this year but after the FTX collapse the company paused after a partial closing and instead moved forward with Series C.
According to the tweet, less than 10% of the company’s total trading capital was with FTX at the time of its collapse and it had no effect on daily operations and business continuity.
“While the vast majority of our clients and products remain intact, a few of our specific products would have experienced significant drawdowns as an aftermath of the FTX default, unless we could find ways to further protect those affected clients. That’s why we reacted quickly to adjust our fundraising strategy” said Amber Group in the tweet.
1) Today, we’re announcing that Amber Group has completed a $300M Series-C round, led by Fenbushi Capital US and joined by other crypto-native investors and family offices.
— Amber Group (@ambergroup_io) December 16, 2022
Founded in 2017, Amber is a crypto-finance service provider backed by Temasek Holdings, Sequoia Capital and Tiger Global. In February this year, the company raised $200 million in a Series B extension round led by Temasek, valuing the company at $3 billion. Pantera Capital, Tiger Global Management, Tru Arrow Partners, and Coinbase Ventures invested in the round.
There were reports last week that the company has begun to layoff hundreds of people and asked Chinese employees to work from home and clear their offices.