Global digital asset platform Amber Group has hit a $3-billion valuation after its latest funding round participated in by investors such as Singapore’s Temasek Holdings Pte.
BTC is up 0.19%, ETH down 0.37%, and XRP down 8.19%.
Amber Group raised $200 million in its latest funding round with the participation of existing shareholders such as Sequoia China, Pantera Capital, and Tiger Global Management.
The latest funding brought Amber Group’s valuation to $3 billion, triple the levels recorded in mid-2021. The firm will use the proceeds for expanding its workforce in Europe and the Americas, and widen its global coverage.
Chief Executive Officer Michael Wu said the firm really intended to bring in Temasek, noting that the state investment firm is “very strategic,” leading the crypto platform to make special efforts to bring it in.
Temasek Holdings’ investment comes weeks after the city-state imposed a crackdown on cryptocurrency firms’ marketing. A number of Amber Group’s executives have recently moved to Singapore from Hong Kong.
Wu hinted at the possibility of another funding round later in 2022, before it would go public as early as the second half of 2023 most likely in the United States.