Crypto Firm Amber Group Scores $200M Series B+ Round Led by Temasek

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by Chayanika Deka

Beyond business expansion and strategic acquisitions, Amber Group plans to broaden sustainable initiatives with the latest round of funding.

Amber Group’s Series B+ Funding Round

Digital asset platform Amber Group has announced raising $200 million Series B+ round. Prominent Investment firm Temasek was among the investors leading the funding round along with Sequoia China, Pantera Capital, and Tiger Global Management. The round, which valued the crypto trading platform at $3 billion, also saw the participation of Tru Arrow Partners and Coinbase Ventures, among others.

The Series B+ round is the largest investment in Amber Group that followed the company’s $100 million Series B round last year.

Amber Group’s Global Chief Executive Officer, Michael Wu, said the firm wants to do more than just foster mainstream digital asset adoption. The exec went on to add,

“We want to help create a digital future where digital assets empower people with the opportunity and agency to shape a better world for all. We are proud to have the support of our investors who not only share this vision but also put their capital and trust in us to achieve it.”

The capital raised will be deployed to make key hires to support the trading platform’s institutional business in Europe and the Americas. The exec believes there is tremendous interest from traditional financial institutions and large family offices in the aforestated region, and Amber plans to expand WhaleFin’s global footprint in both developed and developing markets across the world.

Advancing OpenVerse is yet another area of interest for Amber seeing hyper-growth with a strong line-up of gaming studios, sports collectibles, digital artists, and other partner brands.

In addition to business expansion and strategic acquisitions, Amber also intends to broaden its support of sustainability initiatives. In line with that, the crypto firm recently forged a partnership with Whale and Dolphin Conservation (WDC).

Crypto Ecosystem In Singapore

Singapore has cemented its status as one of the hottest venues for cryptocurrency startups and has emerged as a crypto-friendly and investor-friendly country in the world.

In fact, the KPMG Pulse of Fintech report shows that crypto-related investments in Singapore increased from $110 million in 2020 to $1.48 billion in 2021. Despite the Monetary Authority of Singapore’s (MAS) crackdown on digital asset advertising, investments have remained unfazed.

CryptoPotato earlier reported that Singapore’s largest bank – DBS Digital Exchange – was planning to launch a cryptocurrency trading desk for retail investors.

from CryptoPotato

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