Crypto trading platform Amber Group is seeking fresh funding just a few months after topping up its coffers with $200 million.
Two people with direct knowledge of the situation told The Block that the deal would likely value the Singapore-based startup at up to $8 billion. One of those sources said the final valuation is likely to be between $5 billion and $8 billion.
Bloomberg was first to report news of the fundraising, saying that the round would value Amber at $10 billion.
A spokesperson for Amber declined to comment to The Block.
Whatever transpires, if the fundraise is successful it would represent a substantial uplift on the $3 billion price tag placed on Amber in February when it raised $200 million in a round led by Temasek, the Singaporean sovereign wealth fund. Sequoia China, Pantera Capital, Tiger Global Management, True Arrow Partners and Coinbase Ventures also participated in that round.
Amber’s CEO, Michael Wu, said in February that the $200 million capital injection would fuel hiring in Europe and the Americas — helping Amber to meet institutional demand in those regions. There are also plans to expand WhaleFin, its consumer app that offers yield on crypto holdings, and its creator-focused arm OpenVerse.
Founded in 2017, Amber offers a wide range of products to both institutional and consumer clients. As of February this year, it boasted more than 1,000 institutional clients globally and assets under management of more than $5 billion.