Crypto startup Amber seeks funding for a $ 10 billion valuation

Cryptocurrency trading platform Amber Group is considering a new funding round that would see the company valued at $ 10 billion.

The Singapore-based firm closed a $ 200 million round that state-owned investment firm Temasek Holdings led in February. At the time, the company was valued at $ 3 billion.

Amber is now under discussion for another round, according to a May 6 Bloomberg report citing "people with knowledge of the subject."

The big capital of VC in the cryptocurrency

Venture capital firms are still rapacious in everything cryptocurrency and the Web3, as billions of investments have poured into digital asset startups over the past year.

Amber chief executive Michael Wu hinted at another round ahead of a possible initial public offering in the United States later this year. The February increase included contributions from crypto VCs such as Coinbase Ventures, Sequoia China, Pantera Capital, and Tiger Global Management.

According to Crunchbase, Amber held a $ 28 million Series A round in February 2020. The company added to this with a $ 100 million Series B round in June 2021, followed by its $ 200 million round. dollars in February of this year.

The firm, founded in 2018 by five former Morgan Stanley traders, operates in 150 countries, has more than $ 5 billion in assets on the platform and $ 1 trillion in trading volume, according to its website.

Two of the most prominent venture firms in the crypto industry, Andreessen Horowitz and Sequoia Capital, recently backed Elon Musk's acquisition of Twitter to privatize the micro-blogging platform. The largest cryptocurrency exchange in the world, Binance, has also contributed $ 500 million of its funds to the venture.

Massive collapse of the market

The move comes as a broader cryptocurrency market sell-off accelerates resulting in one of the biggest daily crashes of the year.

Total market capitalization plummeted 7,4% in the past 24 hours, wiping out $ 145 billion from the industry. The cryptocurrency markets are now at their lowest levels since the end of February, with a total market cap of $ 1,76 trillion.

Bitcoin (BTC) led the decline, as usual, dropping 8,4% on the day to trade at $ 36.359 at the time of writing. Ethereum (ETH) wasn't far behind with a 7,1% drop to $ 2.735, and many of the other altcoins were even further in the red.

However, the daily price action does not appear to have dampened the enthusiasm of the venture capital giants. Furthermore, we remind you that with trading platforms such as Bitcoin Pro, you can make profits even when the market is down.