MEXCDespite A Crypto Crash, This Unicorn Is Targeting A $10 Bln Valuation
Singapore-based crypto unicorn Amber Group is reportedly targeting a $10 billion valuation through more funding. The firm had earlier this year raised about $200 million in a series B+ funding round.
A $10 billion valuation would more than triple Amber’s current value, which is at about $3 billion-making it among the most valuable crypto startups. The firm has several prolific stakeholders, including Singapore’s sovereign wealth fund Temasek Group, Sequoia China and Coinbase Ventures.
The firm, which offers crypto trading services, is now in talks with investors regarding its next capital raise, Bloomberg reported on Friday. But the news also comes amid one of crypto’s steepest declines this year.
Amber has IPO plans
After Amber’s last funding round, CEO Michael Wu said the company will seek another funding round in 2022 before an initial public offering, which is likely to happen next year. The firm is looking at the United States as a potential destination.
The U.S. is already seeing a surge in major crypto IPOs, with world no. 2 exchange Coinbase having listed on the Nasdaq in 2021. Stablecoin operator Circle is set to list this year, as is exchange Blockchain.com.
Amber was founded in 2017 by former Morgan Stanley traders, and services both retail and institutional customers. The firm says it has processed over $1 trillion worth of transactions as of 2022, and has over 1000 institutional clients.
Funding amid a crypto crash?
Still, Amber’s plans for more funding come amid one of the sharpest declines in the crypto market seen this year. Bitcoin slumped over 8% in the past 24 hours, wiping out total crypto market capitalization by about $130 billion.
The latest tumble appears to be on fears of slowing economic growth and rising interest rates across the globe. The prospect of higher interest rates could also make funding more difficult to secure for Amber, as a liquidity boom over the past two years dries up.
- Analyst Slams S&P’s ‘B-’ Rating for Strategy Inc, Says Bitcoin Treasury Model Is “Misunderstood”
- Metamask Airdrop Countdown Begins as Wallet Team Registers Token Claim Domain
- $2.5T Citigroup Partners With Coinbase to Enable Stablecoin Payments
- Who Will Be the Next Fed Chair? Scott Bessent Confirms Final Five Candidates
- Mt. Gox Delays Repayments to 2026 as Trump-Backed American Bitcoin Adds 1,414 BTC
- Polymarket Traders Bet Ethereum Price to Hit $5,000 as Bullish Pattern Forms
- Dogecoin Price Prediction As Whales Scoop Over $300 Million- Is A Bull Run Ahead?
- Pi Coin Price Jumps 24% as 10M Tokens Exit Exchanges – Can Bulls Sustain the Momentum?
- Bitcoin Price Prediction If President Trump Announces Deal with China on October 30th- Can BTC Break $125k?
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
