Due to volatile market conditions, crypto trading platform Amber Group has reduced its valuation as it seeks a new funding round.
Amber Group is now seeking $100 million at the same $3 billion valuation it previously sought, according to Bloomberg, citing anonymous sources.
In February, the company was valued at $3 billion after raising $200 million in funding led by Temasek and joined by Sequoia China, Pantera Capital, Tiger Global Management, True Arrow Partners, and Coinbase Ventures.
Amber Group attempted to raise funds again at a much higher valuation of $5 billion to $8 billion, but due to the general slump in the cryptocurrency market, those funds never materialized.
Amber’s adjustments go beyond fundraising efforts. Amber recently laid off up to 10% of its workforce, citing the bear market.
Despite a 25% increase in revenue, the company’s head of business development, Annabelle Huang, previously told The Block that the company will remain cautious as long as bearish conditions persist.
According to The Block Research, markets fell after reaching a peak of just over $3 trillion in November 2021.
