Amber has accomplished a brand new $300 million Sequence C funding spherical, led by blockchain-focused enterprise capital firm Fenbushi Capital US, the agency announced on Twitter on Dec. 15.

The brand new funding spherical comes as Amber has determined to pause its earlier Sequence B funding and proceed with Sequence C as an alternative as a result of FTX collapse.

Previous to the failure of FTX, Amber was in means of finishing an extension of its Sequence B at a $3 billion valuation. As beforehand reported, the corporate was planning to boost $100 million as a part of the Sequence B funding, concentrating on to finish the spherical by January 2023. As of mid-December 2022, Amber raised $50 million within the spherical.

The most recent funding from Fenbushi goals to assist Amber tackle among the “important drawdowns” of Amber’s particular merchandise as an aftermath of the FTX default, the agency stated.

“That’s why we reacted shortly to regulate our fundraising technique,” Amber famous, including that the agency shall be additionally cutting down its mass shopper efforts and “non-essential enterprise strains” to give attention to core companies. As such, Amber has scrapped plans to broaden to Europe and the US, additionally ditching some metaverse-related tasks.

Amber reiterated that the FTX contagion has not impacted the corporate’s each day operations regardless of Amber having about 10% of its complete buying and selling capital on FTX on the time of its collapse.

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The corporate additionally talked about that it needed to lay off some staff because of the FTX contagion: “These haven’t been simple choices, and we, sadly, have needed to say goodbye to a lot of our glorious colleagues.” In accordance with some studies, Amber laid offmore than 40% of its workers in September and December 2022.

Regardless of ditching growth plans and shedding workers, Amber has not given up on its acquisition ambitions. On Dec. 14, Amber acquired the Singaporean crypto platform Sparrow Holdings for an undisclosed quantity.

Cryptocurrency buying and selling agency Amber Group is taking motion to mitigate the results of buying and selling publicity to the bankrupt alternate FTX by proactively elevating new funding.