TechFlow news, according to the Financial Times, cryptocurrency firm Amber Group said it has raised about $50 million from a new sovereign fund, with the deal expected to be announced in January next year. The new capital values the company at $3 billion, unchanged from its February valuation.
Amber Group executive partner Annabelle Huang said that Amber will also announce a significant acquisition of a licensed entity in Singapore this month. Huang stated that less than 10% of the company's trading capital was held on FTX, but acknowledged that expansion plans in Europe and the United States have been put on hold, with projects such as its new metaverse platform being "deprioritized".
Separately, Bloomberg reported, citing people familiar with the matter, that Amber Group is shutting down its retail business and terminating its sponsorship agreement with Chelsea Football Club. The company is cutting more than 40% of its workforce, reducing its team of around 700 employees to fewer than 400. The sponsorship deal with Chelsea was worth £20 million per year, and Amber is currently going through legal procedures to terminate the agreement.Source link
