Despite 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.

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.

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With more than five years of experience covering global financial markets, Ambar intends to leverage this knowledge towards the rapidly expanding world of crypto and DeFi. His interest lies chiefly in finding how geopolitical developments can impact crypto markets, and what that could mean for your bitcoin holdings. When he isn't trawling through the web for the latest breaking news, you can find him playing videogames or watching Seinfeld reruns. You can reach him at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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