Amber Group, a Singapore-based cryptocurrency lender, is considering the sale of its Japanese unit as part of its plan to focus more on institutional business instead of retail business, reported Bloomberg.
According to Annabelle Huang, Amber’s managing partner, the company is currently evaluating options for its operation in Japan, including a possible sale. At the moment, no deal has been closed. Huang noted that Japan is a “very high-quality market, but the regulations are strict.”
Meanwhile, Amber plans to apply for a virtual asset trading platform license in Hong Kong, following the special administrative region’s push to become a hub for digital assets. Huang said the regulatory landscape in Hong Kong has been very favorable for the company.
Hong Kong aims to develop virtual asset regulations that encourage growth and protect investors, unlike Singapore, which has tightened its cryptocurrency regulations, especially for retail investors.. “Hong Kong is kind of the leader at the moment, but I think Singapore is not exactly closing the door as well,” Huang added.
In December 2022, Amber Group raised $300 million in a Series C funding round led by Fenbushi Capital US. The decision to proceed with Series C came after the collapse of FTX, causing Amber to pause its previous Series B funding.. Prior to FTX’s collapse, Amber was in the process of completing a Series B extension, with the goal of raising $100 million at a $3 billion valuation.
The fall of FTX also affected Amber Group from an operational point of view, as the company laid off more than 40% of its workforce.
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