Amber Group has raised just half of a planned $100mn funding round and halted expansion plans as the Temasek-backed crypto group fights concerns that it will be pulled into the market turmoil sparked by the collapse of FTX.
Crypto traders this week became nervous over the outlook for Amber after industry analysts raised concerns about how the failure of FTX affected the trading shop.
The group, which has also been backed by Sequoia China and Tiger Global Management, lends out tokens and handles customers’ trades on crypto markets. Formed by former Morgan Stanley traders, it has established high-profile sponsorships with football clubs Chelsea and Atlético Madrid through its WhaleFin trading app.
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