Home News Crypto trading firm Amber valued at $3B after big Singaporean investment

Crypto trading firm Amber valued at $3B after big Singaporean investment

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Following a funding round spearheaded by Singaporean state-owned investment firm Temasek Holdings, cryptocurrency finance service provider Amber increased its value to be at $3 billion.

According to a statement made on Feb. 21, Amber Group was able to raise $200 million in its Series B+ funding round. Sequoia China, Pantera Capital, Tiger Global Management, Tru Arrow Partners, and Coinbase Ventures were among the others who took part in the round.

Amber’s valuation has risen threefold since its Series B round of fundraising in June, when it was valued at $1 billion. The Hong Kong-based firm, which created by former Morgan Stanley traders, presently manages $5 billion in assets.

The fresh funding would be usable to make “important hires to boost our institutional business in Europe and the Americas,” as well as to expand the worldwide reach of its consumer-facing WhaleFin crypto investing platform.

Steven Ji, Partner at Sequoia China, noted in the same statement:

“Digital assets are becoming a more significant area to monitor, particularly for institutional investors.”

Increasing crypto investments in Asia

Amber Group is a cryptocurrency investment firm that works with institutional and commercial investors. It has a total trading volume of nearly $1 trillion.

Amber Group’s expansion may be visible in the increasing quantity of funding it has received. As well as the overall number of holdings it has. DeCurret, a Japanese crypto trading platform, sold its crypto operations to Amber Group on Feb. 1, following announcing plans to do so on Jan. 12.

Singapore is one of the most welcoming markets in the area for cryptocurrency investors. The city-state saw $1.48 billion in crypto-related investments in 2021, according to a new KPMG analysis. That’s a tenfold increase over the year 2020. According to Bloomberg, only five of the 180 organisations that sought permission to operate a cryptocurrency business in the country have acquired authorization since January.

DBS, Singaporean megabank, works on expanding Bitcoin trading to retail

Regulators have begun cracking down on the marketing practices used by some crypto companies. Maybe in part as a result of the increased crypto investment activity. Ads cannot be put in public spaces such as public transit, websites, or print media, according to new guidelines released to marketers on Jan. 17.

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