Temasek Leads Funding Round for Crypto Trading Platform Amber

22nd February 2022
Temasek Leads Funding Round for Crypto Trading Platform Amber
Jeremy Bezanger, Unsplash

Singapore-headquartered Amber Group has raised $200 million in a Series B+ round valuing the startup at US$3 billion. The round was led by Temasek, with participation from existing investors including Sequoia Capital, Pantera Capital, Tiger Global Management, Tru Arrow Partners, and Coinbase among others.

“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”, Amber said on Tuesday, announcing the fundraise.

Amber extended its Series B funding round, originally announced in June, specifically to bring Temasek in as an investor, Bloomberg reported on Tuesday. It added that CEO Michael Wu was among senior executives from the platform that had moved to Singapore from Hong Kong in recent months.

The company said it might raise funds again later this year, ahead of an initial public offering that could take place as early as the second half of 2023, most likely in the U.S.

The platform provides digital asset trading, products and infrastructure for 70+ exchanges, applications, and networks. Since its launch in 2015, the platform has reached over US$1 trillion in traded volume, with over 1,000 institutional clients and over US$5 billion on its platform, according to its website.

Temasek is no stranger to investments in the crypto space – in 2021, the state-owned investor led a US$420.69 million Series B1 funding round for FTX, which valued the crypto bourse at US$25 billion.

Earlier this month, it eliminated its position in Coinbase, which has fallen 40% since its IPO in April 2021, Coindesk reported.

Temasek’s total portfolio was valued at $301 billion as of the end of 2021.

Written by Bread News Team
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