Amber Group, one of the world’s leading digital asset management firm said it is ceasing operations from its division in the United States and Europe as the firm makes efforts to thrive in the current crypto bear market.
According to a news report from the Block, Amber’s top executives including Angie Beehler, and Francesco Adiliberti amongst others in the U.S. and Europe regions have terminated their appointment with the firm.
An earlier report from TheCoinRise has said the digital asset firm plans to reduce its work size by 5-10% in 2022. Amber’s Co-founder, Tiantian Kullander, said the cut down in its staffing was done amidst the crypto winter to reduce the size of personnel in low-priority regions.
Amber Group had raised the hopes of the digital community at the beginning of the year when it said it was looking towards achieving a valuation of $10 billion. That seems to now be farfetched as the firm is currently struggling to adapt to the current market situation.
Amber’s financial issues seem to have escalated after the collapse of the FTX exchange even though the firm stated that it has no stake with FTX and Alameda Research at the time.
Amber Group Moving Forward
According to reports from Bloomberg, Amber Group is seeking to raise funds of over $100 million in a fresh funding round at $3 billion valuation even though it previously planned to raise at a value of $10 billion.
The report also highlighted that the fundraiser is an extension of a previous round which included Temasek Holdings Pte and Tiger Global Management as Investors.
The fundraiser will be done in different stages because many investors are now scared of investing large amounts of funds at a time due to the current dwindling crypto market. So far, $50 million has been raised from the $100 million.
Amber has tried to restore the confidence of its investors and stakeholders by stating the firm will continue its operations as per usual after rumors ensued that the firm will soon go bankrupt.
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