Cryptocurrencies
Crypto Firm Amber Raises $300 Million to Tackle Damage From FTX
- CEO Wu says platform’s valuation has fallen below $3 billion
- Amber is continuing to cut costs after laying off employees
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Embattled crypto firm Amber Group has raised $300 million mainly for customers who lost money on the platform’s products due to FTX’s implosion, according to co-founder and and Chief Executive Officer Michael Wu.
Amber, a leading crypto trading and lending platform, had planned to raise $100 million at a $3 billion valuation in multiple parts, but changed tack once Sam Bankman-Fried’s FTX exchange blew up, Wu said in an interview.