After receiving a huge investment of US 200 million dollars led by Temasek, Amber, a Singapore based crypto trading platform’s valuation has increased by 3 times resulting in the current US 3 billion dollar valuation. The funding round was led by the state-owned investment company Temasek Holdings.
It was a Series B+ funding round, and many other companies like Pantera Capital, Coinbase Ventures, Sequoia China, Tru Arrow Partners and Tiger Global Management have also participated in this funding round.
Last June, the total valuation of Amber was at US 1 Billion dollars in the Series B funding round, and right now, it has increased three times since the last round. The company was founded by former Morgan Stanley traders in Hong Kong, and at present-day, they have around US 5 billion dollars in assets under management.
As for the usage of the new investment fund, the company wants to hire key players to help them support their business in America and Europe. Also, they are planning to expand their mobile-based crypto trading platform WhaleFin for global outreach.
On the importance and value of digital assets, Steven Ji, a partner of Sequoia China, has commented that for institutional investors, digital assets are emerging to be an important category to have a look after, and that is where these firms want to create their impact. The Amber Group assists commercial and institutional investors to make investments in cryptocurrency. The company has had US 1 trillion in cumulative trading volume till now.
The growth of the amber group is evident based upon the total number of holdings and the increasing amount of investment funds they have received to date. Amber Group bought Japan-based crypto trading platform DeCurret’s crypto operation on February 1 after they hinted to do so on January 12.
The Singapore crypto market has been one of the friendliest markets in the Asian region. Recently the KPMG report has suggested that in the year 2021, Singapore has seen the US 1.48 billion crypto-related investment, which is ten times higher than what has been seen in the year 2020.
But according to Bloomberg, out of 180 companies that applied for a permit to conduct crypto-related business in Singapore, only five companies got the approval since January 2022.
Due to the heightened crypto-related investment, regulators have imposed strict rules against aggressive marketing tactics that normally crypto companies employ. On January 17, new guidelines for advertisers were enforced where it is strictly prohibited to place advertisements on websites in public areas such as public transport and print media.