(May 6): Cryptocurrency trading platform Amber Group is in discussions to raise fresh funding at a valuation of US$10 billion (about RM43.76 billion), according to people with knowledge of the matter.
The Singapore-based start-up had begun talks with prospective investors about the new round, which would mark a more than tripling of the start-up’s previous US$3 billion valuation, said the people, who asked not to be identified discussing private information.
A representative of Amber declined to comment.
Amber, led by chief executive officer Michael Wu, last raised funding in February from Singaporean state investment firm Temasek Holdings Pte Ltd and other investors including Sequoia China, Pantera Capital and Tiger Global Management. The company was founded in 2018 by five former Morgan Stanley traders.
At the time the deal was announced, Wu said Amber may pursue another funding round in 2022 ahead of an initial public offering that could take place as soon as next year, most likely in the US.
The potential new funding comes at a tough time for the crypto market. The price of Bitcoin is currently down 23% over the past month to about US$36,000. Other cryptocurrencies, such as Ethereum, are sagging as well. But that hasn’t cooled crypto fundraising efforts. Start-ups like Blockchain.com and Binance.US have scored multibillion-dollar valuations in their latest rounds.