Hong Kong-based AMBER Group has raised $28M at an undisclosed valuation. Famous Crypto VCs like Coinbase Ventures and Pantera Capital were among the investors.

As the ICO space has cooled down, VCs are seeking alternative opportunities in the cryptocurrency space. Earlier this year, derivatives exchanges FTX and Deribit successfully sold equity as-well. As was the case with ICOs, startups booming their valuations due to an oversupply in VC cash, the equity rounds of Crypto startups are ballooned in valuation, with FTX claiming a unicorn status and Deribit barely missing it.

While AMBER’s valuation is unknown, a series A funding round of $28M hints at a considerably large price tag. The startup offers a host of financial services ranging from OTC trades to lending. The company aims to use these funds to grow its operations in an increasingly competitive OTC trade and Crypto lending sector.

Late last year, Jihan Wu entered the Crypto lending space, raising the bar marketing and customer acquisition budgets. With AMBER entering the scramble with fresh VC funds, Crypto borrowers could soon witness deals fueled by price competition.