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Amber has completed a new $300 million Series C funding round, led by blockchain-focused venture capital company Fenbushi Capital US, the firm announced<\/a> on Twitter on Dec. 15.<\/p>\n The new funding round comes as Amber has decided to pause its previous Series B funding and proceed with Series C instead due to FTX collapse.<\/p>\n Prior to the failure of FTX, Amber was in process of completing an extension of its Series B at a $3 billion valuation. As previously reported, the company was planning to raise $100 million as part of the Series B funding<\/a>, targeting to complete the round by January 2023. As of mid-December 2022, Amber raised $50 million in the round.<\/p>\n The latest funding from Fenbushi aims to help Amber address some of the \u201csignificant drawdowns\u201d of Amber\u2019s specific products as an aftermath of the FTX default, the firm said.<\/p>\n \u201cThat\u2019s why we reacted quickly to adjust our fundraising strategy,\u201d Amber noted, adding that the firm will be aso scaling down their mass consumer efforts and \u201cnon-essential business lines\u201d to focus on core businesses. As such, Amber has scrapped plans to expand to Europe and the United States, also ditching some metaverse-related projects.<\/p>\n Amber reiterated that the FTX contagion has not impacted the company\u2019s daily operations despite Amber having about 10% of its total trading capital on FTX at the time of its collapse.<\/p>\n Related: <\/em><\/strong>FTX US ex-president reportedly seeks $6M funding to launch crypto startup<\/em><\/strong><\/a><\/p>\n The company also mentioned that it had to lay off some employees due to the FTX contagion: \u201cThese have not been easy decisions, and we, unfortunately, have had to say goodbye to many of our excellent colleagues.\u201d According to some reports, Amber laid off\u00a0more than 40% of its staff<\/a> in September and December 2022.<\/p>\n Despite ditching expansion plans and laying off staff, Amber has not given up on its acquisition ambitions. On Dec. 14, Amber acquired the Singaporean crypto platform Sparrow Holdings<\/a> for an undisclosed amount.<\/p>\n Cryptocurrency trading firm Amber Group is taking action to mitigate the consequences of trading exposure to the bankrupt exchange FTX by proactively raising new funding.<\/p>\n<\/div>\n