Asian Crypto Firm Amber Cuts Staff And Cancels Funding Round

Amber Group, one of Asia’s largest cryptocurrency trading platforms, is laying off staff and canceling a funding round as it struggles following the bankruptcy of the FTX exchange.

The Singapore-based crypto company said job cuts will be implemented across its worldwide operations.

At the same time, Amber has canceled a planned $100 million U.S. funding round that would have kept the start-up company’s valuation at about $3 billion U.S.

Amber has denied media reports in Asia that it is likely to file for bankruptcy and become the latest crypto company to fail in the wake of FTX’s collapse.

Amber tweeted that it is conducting “business as usual” and undertaking deposits, withdrawals and trading as it normally would.

Amber has said that less than 10% of its capital is stuck with FTX and that the stranded funds do not “pose a threat” to its ongoing operations.

Amber was founded in 2018 by former Morgan Stanley (MS) traders and raised $200 million U.S. at a $3 billion U.S. valuation in February of this year.