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Odaily Translator | Nian Yin Si Tang
, original author: Hannah Miller
Odaily Translator | Nian Yin Si TangThe downturn in the cryptocurrency market is a major reality check for startups looking to secure fresh funding.Digital asset trading platform Amber Group is raising just over $100 million in new funding at a valuation of $3 billion, according to a person familiar with the matter. The Singapore-based start-up launched in February this year
The same valuation was also achieved in China, with Temasek leading the round and participation from Sequoia China, Pantera Capital, Coinbase Ventures and Tiger Global Management. The financing is used to recruit in Europe and the Americas, and to further expand the user coverage of its app launched globally last year.to reportThe new round is an expansion of the previous round, the person said, speaking on condition of anonymity because of the private information involved. Amber Group had planned to raise money at a much higher valuation in the second quarter, but the plunge in cryptocurrency prices prompted the company to seek so-called flat-round funding instead, they said. Bloomberg News This May
to report
Amber Group is discussing a new round of financing at a valuation of US$10 billion, the company said. It is reported that the company had started negotiations with potential investors on a new round of financing at that time, and the valuation of US$10 billion would be more than three times the previous US$3 billion.
Amber Group declined to comment on the progress of the latest round of financing.
The new financing will come in multiple tranches, with about half of the $100 million raised already in place, the person said. The company plans to close one or two more rounds (or more) of financing deals by the end of this year or early 2023. The financing was arranged this way because investors are more cautious in participating in large financing rounds under the current circumstances, said the people familiar with the matter.Like other encryption and technology companies, Amber Group has also undergone large-scale layoffs. Bloomberg News reported in September that the company had laid off as much as 10% of its workforce. During last year's cryptocurrency bull market, the company's staff quickly grew from 200 to about 900. According to people familiar with the matter, Amber Group will complete the last round of layoffs this month.In the same month, Amber Group
Announced its financial results for the first half of 2022
, with revenue of $250 million, up 25% year-over-year. All core business areas posted growth, led by Institutional and Trading. The company's consumer business, WhaleFin, also saw significant revenue growth with the launch of Amber Group's new product portfolio, WhaleFin Club, aimed specifically at high-net-worth individuals.Despite the bear market, Amber Group isn't slowing down its business expansion.In May of this year, Amber Group announced its entry into the Metaverse,
Introducing Openverse, a Web3 platform for creators, brands and enterprises. Launching in Q3 2022, Openverse creates the Metaverse portal by providing creators, brands and businesses with an end-to-end creative and digital infrastructure. Openverse aims to be a Web3 enabled platform powered by real-time 3D rendering technology to create an experiential digital world for all users. The platform will be accessible on mobile, desktop, and VR platforms, and will feature features such as real-time content interaction, gameplay, customizable digital avatars, and an NFT valuation system. Openverse will also leverage Amber Group's digital asset platform WhaleFin to offer its encrypted financial services.Then in June, the Amber Group announced
Acquisition of financial group Celera Markets Limited, which was previously fully licensed by the Hong Kong Securities and Futures Commission (SFC). As a result of the acquisition, Amber Group obtained five types of SEC licenses, including Type 1, Type 2, Type 4, Type 5 and Type 9, enabling the company to carry out a wide range of services, including securities and futures The contract provides consulting and trading, as well as providing asset management services.In August, Amber Group expanded its retail trading operations to Brazil,
, allowing users to buy and sell cryptocurrencies as well as make crypto loans. Amber Group CEO Michael Wu said in a statement that he is bullish on the size of Brazil’s market, adding that he expects the market to grow further once the country approves a special regulatory framework for cryptocurrencies.AnnounceIn late September, DeCurret Inc., a crypto asset exchange service provider registered with Japan’s Financial Services Agency (FSA),
Announce, after the Amber Group completed the acquisition, its corporate name has been changed to Amber Japan KK. Following the completed acquisition and name change, the company will launch Amber Group's digital asset platform WhaleFin in Japan.Immediately following the first ten days of October, Amber Group
