Wednesday, February 8, 2023
    HomeAltcoinCrypto Unicorn Amber Valued At $3 Bln After Temasek-led Funding Round

    Crypto Unicorn Amber Valued At $3 Bln After Temasek-led Funding Round


    Temasek is the newest addition to a protracted listing of prolific shareholders within the Singapore-based agency. Sequoia China, Pantera Capital, Tiger International Administration, Tru Arrow Companions and Coinbase Ventures additionally participated within the Collection B+ funding spherical, Amber mentioned in a press release.

    This brings whole capital raised by Amber to $328 million. The corporate had reached unicorn standing final 12 months after a $100 million funding spherical in June.

    Temasek is an energetic investor within the crypto house, with holdings in CoinDCX and FTX. Till not too long ago, the state-owned funding agency additionally had a modest share in Coinbase, one of many world’s largest crypto exchanges.

    Nonetheless, the information comes after Singapore clamped down on commercials for extremely dangerous crypto investments, amid a growth in retail buying and selling.

    However rising world adoption has tremendously benefited crypto platforms. Amber mentioned its cumulative transaction volumes crossed $1 trillion in 2021, whereas belongings below administration grew to over $5 billion. Steven Ji, Associate at Sequoia China said-

    Digital belongings have gotten an more and more essential class to look at, particularly for institutional traders.

    Based in 2017, Amber serves each institutional and shopper markets. The corporate’s retail buying and selling app, WhaleFin, has greater than 100 thousand downloads within the Google Play Retailer.

    CEO Michael Wu mentioned the newest funding will assist Amber develop WhaleFin into extra developed and rising markets, and also will gas hiring in Europe and the Americas.

    Earlier this 12 months, Amber had entered the Japanese market via the acquisition of  crypto change  operator DeCurret. CEO Wu had final 12 months additionally flagged nascent plans for a U.S. itemizing  in 2022 or 2023, in an interview with the South China Morning Put up.

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