Asian cryptocurrency brokerage firm Amber Group has raised $300 million in Series C funding round led by blockchain venture firm Fenbushi Capital US.
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1) Today, we’re announcing that Amber Group has completed a $300M Series-C round, led by Fenbushi Capital US and joined by other crypto-native investors and family offices.— Amber Group (@ambergroup_io) December 16, 2022
The firm said in a Twitter thread that other "crypto-native investors and family offices," have also participated in the funding. The funding comes amid Amber's efforts to reorganize business structure by scaling down mass consumer efforts and non-essential business lines. However, the latest round of fundraising "demonstrates investor confidence in Amber's business," the firm pointed out.
As iHodl earlier reported, Amber Group canceled performance-based bonuses for staff, citing slow business growth amid the crypto winter. Amber Group CEO, Michael Wu, confirmed the cancellation of bonuses, saying that the firm will move forward with reducing business costs.
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