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 stated in a press release.
This brings complete 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 lively investor within the crypto area, with holdings in CoinDCX and FTX. Till just 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 enormously benefited crypto platforms. Amber stated its cumulative transaction volumes crossed $1 trillion in 2021, whereas property below administration grew to over $5 billion. Steven Ji, Accomplice at Sequoia China said-
Digital property have gotten an more and more necessary class to observe, particularly for institutional buyers.
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 stated 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 by means of 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 Publish.