By Scott Galbraith
After declaring bankruptcy, Amber corporation abandons its development and widespread programs as stated in the company’s recent report.
Amber, supported by Temasek, has gained close to fifty million dollars from its news plans for further development of the system. Initially, it was planning to move to the US and EU. But now its authorities have changed their mind.
The change in the long-term plans
Amber Group, a crypto exchanging company, has postponed its expansion plans. Senior executives claim that day-to-day business has not been really affected by the FTX collapse and the following crisis.
But still it needs more time to make a new expansion plan and put it to life. The main reason to stop the implementation of its former plans was because of the company’s vulnerabilities that were discovered recently. The organization plans to work more on their core system and later concentrate on the Asian financial sector.
Along with stopping the development and expansion programs, the company recently reduced its number of working employees. The company was said to have laid off up to forty percent of its workforce in September, before doing so once more in winter.
As for the Huang report, Amber had stored around 10 percent of its financial assets on its FTX wallet. And yet when the crypto trader collapsed, that money was lost. Still, the corporation states that such losses will not affect its workflow.
The news describe future development
Amber has continued to work on new funding and new development plans in line to maintain its workflow in Asia and support its clients. After the recent funding round, the company is stated to be worth $3 billion, compared to an estimated value of $200 million before the additional fund-raising actions.
According to its leader, Amber does not think the current development plans have failed. The managers are not under pressure to get more funding – a lot has already been done on the matter, and the company does not intend to gain any more finances. Amber also plans to start a big acquisition process of a Singapore-licensed company in December.