Crypto Firm Amber Gets Temasek Funding at $3 Billion Value
Existing investors, including Sequoia Capital, also participated in the round. Amber plans to utilize the cash to hire throughout the Americas and Europe.
Temasek Holdings Pte, a Singaporean state investment corporation, was among Amber’s investors in a financing round that valued cryptocurrency trading platform Amber Group at $3 billion, only weeks after the city-state started cracking down on crypto marketing.
Current shareholders such as Sequoia China, Pantera Capital, and Tiger Global Management also participated in the $200 million fundraising, according to a statement issued by Singapore-based Amber on Tuesday. Since mid-2021, the company’s worth has tripled. It was created in 2018 by five former Morgan Stanley traders.
Singapore is one of the hottest marketplaces in Asia for crypto companies, and Temasek and its subsidiaries have made many investments in the field in the last year. Amber’s Series B investment round, initially announced in June, was extended particularly to bring Temasek onboard as an investor, according to Chief Executive Officer Michael Wu.
Wu said in an interview:
“They are very strategic, so we made this special effort to bring them in,”
According to the release, the company would use the funds to hire in Europe and America and to extend the worldwide reach of a smartphone app it introduced last year.
Wu stated that Amber may seek further funding later this year in preparing for an initial public offering, which could take place as early as the 2nd half of 2023, most likely in the United States.
The agreement comes as Singapore tries to crack down on the more speculative parts of cryptocurrency while still promoting institutional engagement. The central bank warned businesses in the industry in January to significantly limit marketing to the general public, noting the risk of volatile digital tokens.
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Patrick
Coincu News
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Crypto Firm Amber Gets Temasek Funding at $3 Billion Value
Existing investors, including Sequoia Capital, also participated in the round. Amber plans to utilize the cash to hire throughout the Americas and Europe.
Temasek Holdings Pte, a Singaporean state investment corporation, was among Amber’s investors in a financing round that valued cryptocurrency trading platform Amber Group at $3 billion, only weeks after the city-state started cracking down on crypto marketing.
Current shareholders such as Sequoia China, Pantera Capital, and Tiger Global Management also participated in the $200 million fundraising, according to a statement issued by Singapore-based Amber on Tuesday. Since mid-2021, the company’s worth has tripled. It was created in 2018 by five former Morgan Stanley traders.
Singapore is one of the hottest marketplaces in Asia for crypto companies, and Temasek and its subsidiaries have made many investments in the field in the last year. Amber’s Series B investment round, initially announced in June, was extended particularly to bring Temasek onboard as an investor, according to Chief Executive Officer Michael Wu.
Wu said in an interview:
“They are very strategic, so we made this special effort to bring them in,”
According to the release, the company would use the funds to hire in Europe and America and to extend the worldwide reach of a smartphone app it introduced last year.
Wu stated that Amber may seek further funding later this year in preparing for an initial public offering, which could take place as early as the 2nd half of 2023, most likely in the United States.
The agreement comes as Singapore tries to crack down on the more speculative parts of cryptocurrency while still promoting institutional engagement. The central bank warned businesses in the industry in January to significantly limit marketing to the general public, noting the risk of volatile digital tokens.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Patrick
Coincu News
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