Crypto Startup Amber Seeks Funding For $10 Billion Valuation

The Singapore-based company is considering a fourth round of investment.

Amber Group is also thinking at going public in the US.

Despite the market downturn, venture cash continues to pour into crypto businesses.

Amber Group, a crypto trading platform, is considering a new round of investment that would value the firm at $10 billion.

In February, the Singapore-based startup secured a $200 million financing funded by state investment firm Temasek Holdings. The company was valued at $3 billion at the time.

According to a Bloomberg article citing "people with knowledge of the topic," Amber is reportedly in talks about another round.

Venture capitalists are pouring money into cryptocurrency.

VC companies are still hungry for everything crypto and Web3-related, with billions of dollars flowing into digital asset businesses over the last year.

Amber's CEO, Michael Wu, hinted to a second round ahead of a prospective IPO in the United States later this year. Coinbase Ventures, Sequoia China, Pantera Capital, and Tiger Global Management all contributed to the February funding round.

Amber raised $28 million in a Series A financing in February 2020, according to Crunchbase. In June 2021, the company raised a $100 million Series B financing, which was followed by a $200 million round in February of this year.

According to its website, the business, which was launched in 2018 by five former Morgan Stanley traders, operates in 150 countries, has over $5 billion in assets on the platform, and $1 trillion in traded volume.

Andreessen Horowitz and Sequoia Capital, two of the most well-known venture capital firms in the crypto industry, recently backed Elon Musk's acquisition of Twitter to privatize the microblogging platform. Binance, the world's biggest cryptocurrency exchange, has committed $500 million to the project.

Shocking Market Drop

The decision comes as a larger crypto market sell-off intensifies, culminating in one of the year's greatest daily drops.

Over the last 24 hours, total market capitalization has dropped 7.4 percent, wiping away $145 billion from the industry. With a total market valuation of $1.76 trillion, crypto markets are at their lowest point since late February.

As expected, Bitcoin (BTC) led the decline, falling 8.4% on the day to $36,359 at the time of writing. With a drop of 7.1 percent to $2,735, Ethereum (ETH) was not far behind, and many of the other cryptocurrencies were considerably worse.

The daily price action, on the other hand, does not seem to have tempered the excitement of those venture capital behemoths.