In response to the failure of cryptocurrency exchange <a href="https://www.cryptoknowmics.com/news/sam-bankman-fried-accused-by-us-sec-of-scamming-ftx-investors">FTX</a>, the cryptocurrency lender Amber Group has <a href="https://twitter.com/ambergroup_io/status/1603608618216984576?s=20&amp;t=gJrDgoaJyaLP1vekUoEszA" target="_blank" rel="nofollow noopener">modified</a> its fundraising approach and raised $300 million in a Series C investment.

https://twitter.com/ambergroup_io/status/1603608618216984576?s=20&amp;t=gJrDgoaJyaLP1vekUoEszA
<h2>Amber Group Gets $300 Million via Fundraising</h2>
Fenbushi Capital U.S., together with other cryptocurrency investors and large corporates, headed the round, the company said on Twitter. <a href="https://www.cryptoknowmics.com/news/amber-group-cancels-25m-chelsea-endorsement-deal-amid-job-losses">Amber Group</a> has previously received investments from Temasek, a Singapore investment fund, <a href="https://www.cryptoknowmics.com/news/former-meta-and-pinterest-executive-joins-sequoia-backed-decentralized-social-as-coo">Sequoia Capital China</a>, and <a href="https://www.cryptoknowmics.com/news/coinbase-says-law-enforcement-requests-surged-66-from-year-ago">Coinbase Ventures</a>.

Although fewer than 10% of Amber Group's trading capital was in the defunct FTX at the time of its collapse, the trading business <a href="https://twitter.com/ambergroup_io/status/1603608631257092097">tweeted</a> on Friday that some products would have suffered large downturns as a consequence of the FTX default unless they could discover better solutions to safeguard consumers.

https://twitter.com/ambergroup_io/status/1603608631257092097
<h2>Effects of the FTX Collapse</h2>
The trading company chose to pursue a Series C round instead of continuing its efforts to secure a Series B+ round at a $3 billion value. After an incomplete close on the series B+ fundraising, post-FTX collapse, the company stopped it and instead proceeded on Series C.

Following the FTX collapse, the trading company allegedly fired 300 people, or 40% of its workforce, curtailed employee perks, and canceled a $25 million endorsement arrangement with <a href="https://www.cryptoknowmics.com/news/amber-group-cancels-25m-chelsea-endorsement-deal-amid-job-losses">Chelsea Football Club</a>.
<h2>Announcement of Layoffs</h2>
Amber Group acknowledged in the Twitter thread announcing the fundraiser that it was required to cut back on consumer-based activities and non-essential market sectors it had to wave farewell to many coworkers. The Series C investors joined the team with the knowledge that the company would be ultrasonic.

Amber Group was making purchases at the same time the layoffs were announced. According to reports, the <a href="https://www.cryptoknowmics.com/news/australia-prepares-to-regulate-cryptocurrency-service-providers-in-2023">cryptocurrency</a> dealer purchased a platform that was authorized by Singapore.

Unsettled Cryptocurrency Lender Amber Group Acquires $300 Million

In response to the failure of FTX, the cryptocurrency lender Amber Group modified its fundraising approach and raised $300 million in a Series C investment.

Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

Unsettled Cryptocurrency Lender Amber Group Acquires $300 Million

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