Singapore-based cryptocurrency-trading platform Amber Group announced Monday that it has raised $200 million in a Series B+ round led by Singapore’s sovereign wealth fund Temasek. With this, the total capital raised by the company to date adds up to $328 million.
In addition to Temasek, existing investors including Sequoia China, Pantera Capital, Tiger Global Management, Tru Arrow Partners, and Coinbase Ventures also participated. The latest funding round has resulted in the company more than tripling its valuation from June Series B, where it raised $100 million at a $1 billion valuation.
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 five-year-old company was founded by former Morgan Stanley quantitative traders in Hong Kong. Since its founding, Amber Group has become a major liquidity provider, in addition to offering structured products, advisory services, and electronic and OTC market-making derivatives.
The firm has now shifted its headquarters to Singapore while keeping its Hong Kong office intact. Amber Group has since also expanded its operations to 12 countries, including the UAE, Switzerland, and the United States. Additionally, it has expanded in Japan after acquiring the Japanese crypto exchange DeCurret earlier this year.
Amber Group said it will use the funds to make strategic hiring and expand its consumer app ‘WhaleFin’ in Europe and North America. Amber Group Global CEO Michael Wu said in the announcement:
“Besides making key hires to support our institutional business in Europe and the Americas where there have been tremendous interest from traditional financial institutions and large family offices, we plan to expand WhaleFin’s global footprint in both developed and developing markets worldwide…”
Temasek, which has recently ramped up its investments in the crypto market, is also an investor in FTX and DBS digital exchange, the crypto exchange subsidiary of DBS bank. The sovereign fund recently eliminated its position in Coinbase, as indicated in its fourth-quarter filing.