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<h2 id="header-0">On Dec 15, Amber announced on Twitter that it had concluded a new $300 million Series C funding round headed by blockchain-focused venture capital firm Fenbushi Capital US.</h2>Amber has opted to halt its previous Series B funding and instead proceed with Series C due to the failure of FTX.Prior to the <a href="https://www.coingabbar.com/en/crypto-blogs-english" rel="noopener noreferrer nofollow">collapse of FTX</a>, Amber was in the process of completing an extension of its Series B at a $3 billion valuation. As previously reported, the company intended to raise $100 million as part of the Series B funding round, with the goal of completing the round by January 2023. Amber had raised $50 million in the round as of mid-December 2022.The firm noted that the additional funding from Fenbushi aims to assist Amber in addressing some of the &#34;large drawdowns&#34; of Amber&#39;s specific products as a result of the FTX default.&#34;That&#39;s why we reacted immediately to alter our fundraising strategy,&#34; Amber explained, adding that the firm will also reduce its mass consumer activities and &#34;non-essential business lines&#34; in order to focus on core operations. As a result, Amber has canceled plans to expand to Europe and the United States, as well as a number of metaverse-related projects.Despite Amber holding around 10% of its total trading capital on FTX at the time of its collapse, Amber emphasized that the FTX contagion had no influence on the company&#39;s everyday operations.The company also claimed that it had to lay off several staff owing to the FTX contagion: These have not been easy decisions, and we, unfortunately, have had to say goodbye to many of our outstanding colleagues. As per reports, Amber would lay off more than 40% of its workforce between September and December 2022.Despite abandoning expansion plans and laying off employees, Amber has not lost its acquisition goals. Amber paid an unknown sum for the Singaporean crypto platform Sparrow Holdings on December 14.<a href="https://www.coingabbar.com/en/crypto-currency-news/crypto-lender-amber-terminates-chelsea-fc-sponsorship" rel="noopener noreferrer nofollow">Amber Group</a>, a cryptocurrency trading firm, is proactively raising new funds to reduce the implications of trading exposure to the bankrupt exchange FTX.Read also: <a href="https://www.coingabbar.com/en/crypto-currency-news/us-doj-appoints-a-committee-of-unsecured-creditors-to-represent-ftx" rel="noopener noreferrer nofollow">US DOJ Appoints a Committee of Unsecured Creditors to Represent FTX</a>

Amber Group Secures $300 Million to Recover from the FTX Outbreak

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