Crypto Firm Amber Raises $300M to Tackle FTX Damage

The company, initially valued at $3 billion, had to pivot its fundraising strategy due to the FTX collapse, raising $300 million for institutional clients at a lower valuation. The company is refocusing on its core institutional clients, reducing its workforce from 1100 to over 300. Trading volumes have decreased, and the company is aiming for a leaner operation. Contagion risks remain a concern, especially after ending a sponsorship with Chelsea FC. The company is based in Singapore and is closely watched for its future moves.

Why did the company have to raise $300 million instead of continuing with their $100 million funding round?

• To expand their retail customer base

• To acquire a competitor

• To support clients affected by FTX's collapse

• To invest in new technology

What strategic change did the company make in response to market conditions?

• They refocused on institutional clients

• They started offering services to retail customers

• They expanded their workforce

• They increased their sponsorship deals

What was the peak number of employees at the company before the reduction?

• 800

• 500

• 1500

• 1100

What is a significant concern for the company moving forward?

• Increasing retail customer base

• Launching a new product line

• Market contagion

• Expanding into new markets

Where is the company headquartered?

• London

• New York

• Tokyo

• Singapore