Amber Group Drops Valuation and Asks Extra $100 Million
Table of contents
Amber Group Seeks $100 Million Valuation
According to the first story by Bloomberg, which used unnamed sources, Amber Group is now looking for $100 million at the same $3 billion value that it earlier raised. In February, the business secured $200 million from investors, including Pantera Capital, Sequoia China, True Arrow Partners, Tiger Global Management, and Coinbase Ventures, for a $3 billion valuation. Temasek, a Singaporean wealth trust, served as the lead investor.
Amber made an effort to raise money again at a considerably greater capitalization of $5 billion to $8 billion. However, because of a general decline in the cryptocurrency market, those monies were never received.
Bear Market Effects
The changes for Amber go further than fund-raising activities. Recently, Amber made up to 10% of its workforce redundant, blaming the bear market. Despite a 25% increase in sales, the company's head of business development, Annabelle Huang, recently claimed that the business would remain cautious while unfavorable circumstances prevail.