Singapore-based cryptocurrency platform, Amber Group, announced it was able to raise $200 million in a funding round that sees its valuation hit $3 billion. This brings the total amount raised by the company to $328 million.
The funding round was led by Temasek, a Singapore-based sovereign wealth fund. Other existing investors include Sequoia China, Pantera Capital, Tiger Global Management, True Arrow Partners and Coinbase Ventures participated in the round.
The company was founded in 2017 by a group of quantitative traders from Morgan Stanley with Michael Wu, serving as the company CEO. The company is known for offering a wide range of products to both institutional and consumer clients. In addition to providing liquidity and market-making services, it offers structured products, and advisory services.
What they are saying about the funding
According to the press release, the company touts of having more than 1,000 institutional clients globally and boasts assets under management of more than $5 billion.
Amber’s CEO, Michael Wu, explained that the funds raised will fuel hiring in Europe and America which will help the organization 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.
He further stated, “We will cast our sights beyond business expansion and strategic acquisitions too, as part of our commitment to building a sustainable future for all.”
What you should know
- Amber Group achieved its unicorn status during its last fundraising round in June.
- The firm also moved its home office from Hong Kong to Singapore, which is seen by many to be more crypto-friendly due to the regulations the Southeast Asian nation rolled out in early 2020 that allows exchanges to apply for operating licenses.
- The firm seems to be expanding its reach all over the global as according to a statement, it has received regulatory approvals from Australia, Switzerland and the United Kingdom.
- It also has recently ventured into Japan through its acquisition of DeCurret, a local crypto exchange licensed by the country’s financial regulators.
- Amber Group offers platforms for cryptocurrency trading and investments using digital assets. The startup said it has processed more than $1 trillion worth of crypto transactions cumulatively since its existence.
