Singapore-based cryptocurrency lender Amber Group is considering selling its Japanese subsidiary as part of its plan to focus more on institutional rather than retail businesses, according to Bloomberg.
Amber is currently evaluating options for its Japanese business, including a potential sale, but has yet to finalize a deal, according to managing partner Annabelle Huang. Huang noted that Japan is a "very high-quality market, but highly regulated". Meanwhile, Amber plans to apply for a virtual asset trading platform license in Hong Kong as the special administrative region pushes to become a digital asset hub. Huang said Hong Kong's regulatory environment is very positive for the company. Hong Kong aims to create virtual asset regulations that encourage growth and protect investors, while Singapore has been tightening regulations on cryptocurrencies, especially for retail investors. "Hong Kong is leading the way to some extent at the moment, but I don't think Singapore has completely shut the door," Wong added.
In December 2022, Amber Group received US$300 million in Series C financing led by Fenbushi Capital America. The decision to proceed with the Series C round came after the FTX debacle, which caused Amber to pause its previous Series B round. Before the FTX debacle, Amber was completing an extension to its Series B, aiming to raise $100 million at a $3 billion valuation.
The fallout from FTX has also impacted Amber Group’s operations, with the company reportedly laying off more than 40% of its workforce.
