Amber Group closes $300 million funding round led by Fenbushi Capital US

Amber Group announced the completion of a US$300 million Series C financing to resolve the losses caused by the FTX mine explosion. This round of financing was led by Fenbushi Capital US. Michael Wu, CEO of Amber Group, said that the valuation of the C round of financing is lower than the valuation in February this year, but he has not yet disclosed the current valuation. Michael Wu said that the company is currently cutting costs, including only supporting institutional and high-net-worth clients. In addition, the number of employees will be reduced to about 300, which is the number of employees in late 2020 and early 2021. In February of this year, Amber Group completed a financing of US$200 million at a valuation of US$3 billion. Temasek, Sequoia China, Pantera Capital and Tiger Global Management participated in the investment.