Amber Group has completed a $50 million financing, suspended its expansion plans, and canceled its retail business

ChainCatcher news, according to the Financial Times, cryptocurrency company Amber Group has stated that it has raised approximately $50 million from a new sovereign fund, with the transaction set to be announced in January next year. The new capital values the company at $3 billion, unchanged from February.

Amber Group's Executive Partner Annabelle Huang stated that Amber will also announce a significant acquisition of a licensed enterprise in Singapore this month. Huang mentioned that the company has less than 10% of its trading capital stuck on FTX, but she also acknowledged that expansion plans in Europe and the United States have been put on hold, with new projects like the metaverse platform being "prioritized."

Additionally, Bloomberg reported, citing informed sources, that Amber Group is canceling its retail business and terminating its sponsorship agreement with Chelsea Football Club. The company's layoff rate exceeds 40%, reducing its team of about 700 people to less than 400. According to sources, the sponsorship agreement with Chelsea Football Club is worth £20 million per year, and Amber is pursuing legal proceedings to terminate the agreement. (source link)