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.
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