Amber Group ditches expansion plans after denying insolvency: Report
Temasek-backed Amber has raised about $50 million in funding from a new sovereign fund, with the deal to be announced in January. Cryptocurrency trading firm Amber Group is putting its expansion plans on hold despite the FTX contagion having “no disruption” to its daily operations, according to a senior executive. Amber has scrapped plans to expand in Europe and the United States as a consequence of exposure to the now-defunct exchange FTX and will focus on institutional clients in Asia, according to managing partner Annabelle Huang. Huang also said that Amber has been forced to deprioritize its new metaverse project due the FTX contagion, the Financial Times reported on Dec. 9. Apart from ditching its expansion plans , the firm has reportedly been cutting its headcount recently. After reportedly laying off up to 40% of staff in September, the firm continued to lay off employees again in December. According to Huang, Amber had roughly 10% of its trading capital stuck on FTX, which is...