Amber, a crypto finance services provider, has been valued at $3 billion following a fundraising round led by Singapore’s state-owned investment firm Temasek Holdings Pte. Singapore is one of Asia’s leading markets for cryptocurrency businesses, and Temasek has made many investments in the space in the last year.
Amber Group was successful in raising $200 million. Sequoia China, Pantera Capital, and Tiger Global Management were among the other participants in the funding.
Amber, created in 2018 by five former Morgan Stanley traders, has seen its valuation treble since mid-2021, when it was valued at $1 billion in its Series B investment round; today, Amber has $5 billion in assets under management and is continuously increasing. The fresh funding will be used to hire in Europe and the Americas, as well as to expand coverage of its WhaleFin mobile crypto investment programme, which was introduced globally last year.
Due to the exponential growth of cryptocurrency investment activity, Singapore’s regulators have begun to tighten regulations, and despite the fact that 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 has proven to be one of the most important global HUBs for the crypto industry once again.