Singaporean Investment Helps Amber Valued at $3B

Temasek Holdings Limited, a Singaporean state investment corporation, was among the investors in a funding round that valued cryptocurrency trading platform Amber Group at US$3 billion (about RM12.55 billion), only weeks after the city-state tightened on crypto marketing firms. Existing shareholders such as Sequoia China, Pantera Capital, and Tiger Global Management also participated in the US$200 million fundraisings, according to a statement issued by Singapore-based Amber on February 22. The business, created in 2018 by five former Morgan Stanley traders in Hong Kong, has seen its worth treble since mid-2021. We are excited to announce our Series B+, which comes at a time of rapidly increasing crypto adoption globally. The investment reinforces Amber Group’s strategic alignment with its investors, as well as a shared vision of digital assets’ future in a new, digital economy. #wagmi pic.twitter.com/6EOHd1H8Gx — Amber Group (@ambergroup_io) February 22, 2022 Singapore is one of the hottest marketplaces countries in Asia for crypto start-ups. Temasek and its subsidiaries have made numerous investments in the field since last year. Amber’s Series B investment round, first announced in June, was extended particularly to bring Temasek onboard as an investor, according to CEO Michael Wu. Wu believes that Temasek is a strategic corporation, so Amber has been making special efforts to bring them onboard. Amber wants to use the fund...