Amber attempted to raise again at a much higher valuation between $5 billion-$8 billion, but given a general slump in the crypto market, those funds never materialized.
The adjustments for Amber extend beyond fundraising efforts. Amber recently cut as many as 10% of its staff citing the bear market.
Cautious even with a 25% climb in revenue, the company’s head of business development, Annabelle Huang, previously told The Block that the company will be prudent while bearish conditions persist.