Cryptofinance services provider Amber has secured a $3 billion valuation following a funding round in which we find Singapore's state-owned investment firm Temasek Holdings Pte among the lead investors. Singapore is one of Asia's leading markets for crypto startups, and Temasek has made several investments in the sector over the past year.
Amber Group was able to raise $200 million. Other signatures that participated in the funding included Sequoia China, Pantera Capital and Tiger Global Management.
We are excited to announce our Series B+, which comes at a time of rapidly increasing crypto adoption globally. The investment reinforces Amber Group’s strategic alignment with its investors, as well as a shared vision of digital assets’ future in a new, digital economy. #wagmi pic.twitter.com/6EOHd1H8Gx
— Amber Group (@ambergroup_io) February 22, 2022
The firm, founded in 2018 by five former Morgan Stanley traders, has seen its valuation triple since mid-2021 when its Series B funding round saw it valued at $1 billion, today Amber currently has $5 billion in assets under management and is growing steadily. The company said it plans to use the new investment for hiring in Europe and the Americas and to expand coverage of its WhaleFin mobile crypto investment app, which launched globally last year.
Due to the exponential growth of cryptocurrency investment activity, Singapore's regulators have started to get a bit stricter with regulations, and despite only 5 of 180 companies that applied for permits to operate a crypto business in Singapore have been approved since January, we can say that Singapore once again proves to be one of the most important global HUBs for the crypto industry.
