Amber Group, a cryptocurrency trading platform, is planning to raise more capital only a few months after filling up its vaults with $200 million.
According to two sources with direct knowledge of the situation, the sale may be worth up to $8 billion for the Singapore-based startup. According to one of those sources, the ultimate value is expected to be between $5 billion and $8 billion.
Bloomberg was the first to break the news of the funding, reporting that Amber will be valued at $10 billion as a result of the round.
If the fundraising is successful, it would mark a significant increase above Amber’s $3 billion valuation, which was set in February when it collected $200 million in a round led by Temasek, Singapore’s sovereign wealth fund. That round was also attended by Sequoia China, Pantera Capital, Tiger Global Management, True Arrow Partners, and Coinbase Ventures.
Amber’s CEO, Michael Wu, said in February that the $200 million capital investment will help Amber meet institutional demand in Europe and the Americas. There are also plans to develop WhaleFin, its consumer app that provides income on crypto assets, as well as OpenVerse, its creator-focused division.
Amber, which was founded in 2017, provides a diverse range of products to both institutional and consumer clients. As of February of the current year, it has over 1,000 institutional customers worldwide and more than $5 billion in assets under management.
