Altcoins

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 World Administration, Tru Arrow Companions and Coinbase Ventures additionally participated within the Sequence 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 yr after a $100 million funding spherical in June.

Temasek is an lively investor within the crypto house, with holdings in CoinDCX and FTX. Till lately, 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 ads for extremely dangerous crypto investments, amid a increase in retail buying and selling.

However growing international adoption has vastly 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 vital class to look at, particularly for institutional traders.

Based in 2017, Amber serves each institutional and client 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 broaden WhaleFin into extra developed and rising markets, and also will gas hiring in Europe and the Americas.

Earlier this yr, Amber had entered the Japanese market via the acquisition of  crypto alternate  operator DeCurret. CEO Wu had final yr 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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