• Amber Group, a Singapore-based crypto lender, is considering selling its Japanese unit as part of its plan to focus more on institutional business rather than retail business.
• The company is also planning to apply for a virtual asset trading platform license in Hong Kong.
• In December 2022, the firm secured $300 million from a Series C funding round led by Fenbushi Capital US.
Amber Group Considers Selling Japan Unit
Amber Group, a Singapore-based crypto lender, is reviewing options for its Japan operation including a potential sale as part of its strategic shift toward institutional business away from retail business. Managing partner Annabelle Huang noted that Japan is “very high quality market, but regulations are strict”.
Shift Towards Institutional Business
The decision to focus more on institutional business comes after the collapse of FTX caused the company to pause its previous Series B funding and lay off over 40% of staff. Amber Group aims to raise $100 million at a $3 billion valuation with an extension of its Series B funding which has now been put on hold due to the FTX fallout.
Application for Virtual Asset License in Hong Kong
In order to further capitalize on their shift towards institutional activity, Amber plans to apply for a virtual asset trading platform license in Hong Kong which has been pushing for digital-asset regulation that encourages growth and protects investors unlike Singapore which has tightened rules around cryptocurrencies especially for retail investors.
Series C Funding Round Led By Fenbushi Capital US
In December 2022, Amber was able to secure $300 million in a Series C funding round led by Fenbushi Capital US despite the aforementioned FTX collapse which impacted the firm both operationally and financially.
Conclusion
Amber Group’s review of its Japan operation and plans to apply for a virtual asset trading platform license in Hong Kong are part of their strategic shift towards focusing more on institutional activities rather than retail ones following the FTX collapse which caused them financial strain and operational setbacks.