Amber Group’s $100 Million Funding Halted Due To The Unyielding Bear Market
Earlier this year, Amber Global Limited stated to the public that it had plans of expanding the financial worth of the company to the hefty sum of $10 billion, which is almost three times the then valuation.
However, it recently announced that it was halting the raising of the funding required, with about $50 million raised out of the total of $100 million. The reason has been pinned on the deplorable state of the crypto industry and perhaps the company’s “involvement” with the failed FTX.
We Have To Stop At $50 Million
2022 has no doubt been a rollercoaster ride for the entire crypto industry, especially in the last quarter of the year, when the popular crypto exchange FTX declared that it was going bankrupt.
That single event has led to the untimely demise of several other exchanges and firms, with lots of investors having their funds held at a number of crypto payment platforms. With the price of bitcoin and other cryptocurrencies the way they are, it is definite that the industry has seen much better days.
Amber Global Limited, which has consistently remained one of the top virtual asset companies in the industry, says that the current state of the market is unfriendly too.
Earlier this year, the company announced its plans to raise $100 million in a fundraiser in order to lift the company’s valuation to almost three times its current worth. And so far, the company has managed to raise half of the total.
However, the company has come forward to state that the funding will be stopped even with only $50 million raised. According to Annabelle Huang, who is a managing partner at the company, the company is apparently still buoyed by its fundraising even though it could not fully reach its $100 million goal.
Is Amber Group “suffering” from FTX collapse?
Even though the company had come out and stated that it was in no way exposed to the failed FTX exchange or its counterpart, Alameda Research, a number of people have begun to speculate that maybe the company is suffering from the impact of the FTX fall.
As soon as the fall happened, the company addressed the public, saying that even though it had been trading on the FTX exchange, the exchange’s fall did not affect the company at all.
The company, which earlier suffered the loss of its co-founder, Tiantian Kullander, has laid off quite a number of its workers, both in September and this month.
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