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HomeTechnologyCrypto firm Amber Group hits $3 billion mark following recent investment round

Crypto firm Amber Group hits $3 billion mark following recent investment round

Amber Group, a cryptocurrency platform, said that it had raised $200 million from Temasek, a Singaporean sovereign wealth fund.

Amber, which is also domiciled in Singapore, hit a $3 billion valuation mark after raising $328 million. Sequoia China, Pantera Capital, Tiger Global Management, True Arrow Partners, and Coinbase Ventures were some of the other investors who joined Temasek in the new round.

Amber Group, which was founded in 2017, provides a diverse variety of goods to both institutional and consumer clients. In addition to liquidity and market making services, it offers structured products and consulting services. Sources state that Amber Group has more than 1,000 institutional clients around the world and more than $3 billion in assets under management.

Michael Wu, Amber’s CEO, stated that the company’s recent cash infusion will enable it to meet the rising institutional demand in Europe and the Americas. There are also ambitions to develop WhaleFin, its consumer app that provides income on crypto assets, as well as OpenVerse, its creator-focused subsidiary. Michael Wu stated that:

As part of our commitment to creating a sustainable future for everybody, Wu continued, “we will go beyond corporate expansion and strategic acquisitions.”

 

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Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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