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Amber Group, a crypto lending firm based in Singapore, is contemplating the sale of its Japanese division as part of its strategy to concentrate more on institutional clients rather than retail customers, as reported by Bloomberg.
As stated by Annabelle Huang, Amber’s managing partner, the company is currently assessing various options for its operations in Japan, which may include a possible sale. At this time, no agreements have been reached. Huang emphasized that Japan represents a “very high quality market, but regulations are strict.”
In the meantime, Amber intends to seek a virtual asset trading platform license in Hong Kong, following the region’s initiative to establish itself as a hub for digital assets. Huang mentioned that the regulatory environment in Hong Kong has been quite favorable for the company.
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Hong Kong is working to create virtual-asset regulations that will foster growth while safeguarding investors, in contrast to Singapore, which has been tightening its cryptocurrency regulations, particularly for retail investors. “Hong Kong is sort of leading the way at the moment, but I think Singapore is not exactly closing the door as well,” Huang remarked.
Related: Amber Group ditches expansion plans after denying insolvency: Report
In December 2022, Amber Group raised $300 million in a Series C funding round led by Fenbushi Capital US. The decision to move forward with Series C followed the collapse of FTX, which led Amber to halt its earlier Series B funding efforts. Prior to the FTX incident, Amber was in the midst of finalizing an extension of its Series B, aiming to secure $100 million at a $3 billion valuation.
The repercussions of the FTX collapse also affected Amber Group’s operations, with the company reportedly reducing its workforce by over 40%.
