Tumultuous market conditions caused crypto trading platform Amber Group to reduce its valuation as the company pursues a new funding round.
Amber Group now seeks $100 million at the same $3 billion valuation it previously raised, Bloomberg first reported, citing anonymous sources. The company in February was valued at $3 billion as it raised $200 million, led by wealth fund Temasek, and joined by Sequoia China, Pantera Capital, Tiger Global Management, True Arrow Partners and Coinbase Ventures.
Amber attempted to raise again at a much higher valuation between $5 billion-$8 billion, but given a general slump in the crypto market, those funds never materialized.
The adjustments for Amber extend beyond fundraising efforts. Amber recently cut as many as 10% of its staff citing the bear market.
Cautious even with a 25% climb in revenue, the company’s head of business development, Annabelle Huang, previously told The Block that the company will be prudent while bearish conditions persist.
Markets slumped after a peak just over $3 trillion in November 2021, data from The Block Research show.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
