Singapore’s state investment firm Temasek has led a $200 million funding round for crypto startup Amber Group, valuing the digital assets platform at $3 billion currently. The Singapore-based company now counts Temasek among its many long-term investors. For the Series B+ fundraising round, Amber enlisted the help of Sequoia China and Pantera Capital together with Tiger Global Management, Tru Arrow Partners, and Coinbase Ventures in a press release.
Amber has now raised a total of $328 million in financing. A $100 million investment round in June of last year helped the business become a “Unicorn” for the year. Temasek has FTX and CoinDCX in its cryptocurrency holdings, making it a key player in the sector. As one of the top cryptocurrency exchanges in the world, Coinbase had a small stake in the state-owned investment firm until recently.
After Singapore banned ads for highly dangerous crypto investments, the news comes as retail trading in crypto continues to boom. Cryptocurrency platforms, on the other hand, have reaped the benefits of rising global acceptance. There will be over $5 billion in assets managed by Amber in 2021, according to the company.
As of 2017, Amber serves both institutional and retail customers, and has opened its doors. More than 100,000 people have downloaded WhaleFin, the company’s retail trading app, from the Google Play Store. He said that the new money will help Amber extend WhaleFin into more developed and emerging regions, as well as encourage hiring in Europe and the United States.
Earlier this year, Amber expanded into the Japanese market with the acquisition of cryptocurrency exchange operator DeCurret. Last year, CEO Wu hinted at a possible IPO in the United States in 2022 or 2023, according to an interview with the South China Morning Post.