Amber is a cryptocurrency service provider. It has an estimated valuation of $3 billion after a round of funding led by Singapore-based state-owned investment company Temasek Holdings. It was predicted in February that Amber Group would manage to raise the amount of $200M in the Series of B+ funding round, and this group was succeeded in doing that. Sequoia China, Pant era Capital, Tiger Global Management, Tru Arrow Partners, and Coinbase Ventures were also included in this race.
Amber had tripled its value since the previous June when it was valued at $1 billion at the time of its Series B funding. Former Morgan Stanley businessmen established this firm which is located in Hong Kong. This company has assets of $5B under its management. The company said it “intends to use the new funds to acquire key services to support their institutional trading in the United States and Europe.” The company also is going to expand the world reach of its client’s WhaleFin, which is a mobile-based cryptocurrency investment platform.
Sequoia China’s partner Steven Ji said in an announcement that Institutional investors have to look at digital assets because these assets are becoming a very important category rapidly. The Amber Group tries to help institutional and commercial traders for investing in the crypto market. To date, its total trading volume is more than $1 trillion.
Amber Group is growing rapidly. The evidence of its success can be found in the rising amount of funds that it receives and the numbers of its holdings. On February 1, DeCurret, a cryptocurrency trading platform based in Japan, sold its digital currency operations to the Amber Group. DeCurrent earlier revealed its plans of doing so on January 12.
Singapore has been a favorable market for cryptocurrency investors in comparison to other countries in the region. According to the recently published report of KPMG, the state of the city invested $1.48B in cryptocurrencies in 2021. That’s 10 times more than in 2020. However, according to the report of Bloomberg, only five of the 180 companies that have given applications for licenses since Jan. have been approved.
Probably due to the increasing activities of cryptocurrency investments in a small area, regulators have started cracking down on the tricks of marketing used by some cryptocurrency companies. The advertisers were given instructions that the advertisements are not allowed in public places like websites, transport, and print media on January 17.
