Amber Group Acquires Sparrow exchange, Raises $300M

Amber Group, a cryptocurrency trading firm that had about 10% of its trading money trapped on FTX when it collapsed, said on December 14 that it has bought Singaporean cryptocurrency platform Sparrow Holdings.

Sparrow was established in 2018 and helps banks and family offices create unique digital asset solutions to meet their growth and compliance goals through focusing on their customers.

Another important fact is that the trading firm has raised over $300 million in a Series C funding round, led by blockchain-focused venture capital company Fenbushi Capital US. 

Tough Times for Amber Group

Amber Group is going through a tough time, as on November 25, Tiantian Kullander passed away, leaving behind his wife and son. He was the co-founder of the successful digital asset company Amber Group. 

According to a post made to the site on Friday, Tiantian, better known as “TT,” passed away suddenly in his sleep at the age of 30. Soon after the death was reported, news surfaced that Amber Group had put expansion plans on hold in response to the market turmoil caused by FTX’s demise. 

According to an earlier report by TheCoinRise, the digital asset company laid off between 5 and 10 percent of its staff in September, and additional layoffs can be expected in December.

Annabelle Huang, Amber’s managing partner, claims the company has had to put off its new metaverse project as a result of the FTX crisis. In another report, she was seen refuting the  rumors that the firm was on the verge of bankruptcy. 

What she says is: 

“It is. We continue to operate business as usual. If you have any concerns, withdrawals are open as usual.”

As part of the company’s ongoing efforts to prosper in the present crypto bear market, the company has announced that it will stop all activities at its divisions in the United States and Europe.