Singapore Crypto Agency Amber Group Hits $3 Billion Valuation In Funding Spherical Led By Temasek

Amber Group has raised $200 million in a fundraising spherical led by Singapore’s state-owned funding agency Temasek, boosting the valuation of the cryptocurrency monetary providers agency to $3 billion. It was valued at $1 billion about seven months in the past. 

Different buyers embody present shareholders Sequoia China, Tiger International Administration, the enterprise capital arm of crypto alternate Coinbase, in addition to Pantera Capital, a crypto hedge fund based by a former Tiger Administration govt, based on an organization assertion issued on Tuesday. 

Amber Group achieved its unicorn standing throughout its final fundraising spherical in June. The corporate stated it should use the brand new capital to rent extra workers to assist its institutional enterprise in Europe and the Americas. The capital will even be used for increasing protection of its crypto funding platform globally.

“We wish to assist create a digital future the place digital belongings empower individuals with the chance and company to form a greater world for all,” cofounder and CEO Michael Wu, a Forbes 30 Below 30 Asia alum from 2019, stated within the assertion. “We’re proud to have the assist of our buyers who not solely share this imaginative and prescient but additionally put their capital and belief in us to attain it.”

Amber Group is alleged to be weighing an preliminary public providing within the U.S. subsequent yr, based on media stories. The corporate was established in 2017 by a gaggle of quantitative merchants from Morgan Stanley. It has not too long ago moved its dwelling workplace from Hong Kong to Singapore, which is seen by many to be extra crypto-friendly as a result of rules the Southeast Asian nation rolled out in early 2020 that enables exchanges to use for working licenses.  

Amber Group gives platforms for cryptocurrency buying and selling and investments utilizing digital belongings. The startup stated it has processed greater than $1 trillion value of crypto transactions cumulatively and manages over $5 billion in digital belongings. 

The crypto agency has operations in Asia, Europe and the Americas, and has acquired regulatory approvals from Australia, Switzerland and the U.Okay, based on its assertion. It has not too long ago ventured into Japan by means of its acquisition of DeCurret, a neighborhood crypto alternate licensed by the nation’s monetary regulators.