Singapore crypto player Amber hits $3b valuation
Singapore-headquartered crypto financial service provider Amber Group has raised USD 200m in an extended Series B round led by Temasek Holdings, achieving a valuation of USD 3bn.
The valuation has increased threefold from the first tranche of the Series B, which closed on USD 100m last year with China Renaissance taking the lead.
Assorted existing investors participated in the extension, including Sequoia Capital China, Pantera Capital, Tiger Global Management, Tru Arrow Partners, and Coinbase Ventures.
Amber has now raised USD 328m to date. Its early backers were mostly crypto-focused entities, with Coinbase Ventures leading a USD 28m Series A in 2019 at a valuation of around USD 100m. The shift to mainstream investors is seen as a sign of sector maturation.
Founded in 2017, Amber helps more than 1,000 institutional clients buy and sell cryptocurrency products, generate yield, manage risk, and access liquidity. There is also a retail business featuring a consumer-facing app.
The company has operations across 12 cities, with cumulative transaction volume surpassing USD 1trn. Assets under management have grown to more than USD 5bn since its inception, according to a statement.
The new capital will be used to make key hires to support institutional business expansion in Europe and the Americas. It will also support the retail business worldwide and advance the company's creator-focused venture.
Amber recently acquired Japanese crypto exchange DeCurret. This is part of its global expansion to be realised through licensing agreements and acquisitions. Regulatory approvals have been secured in Australia, the UK, Japan, and Switzerland.
"It's been exciting to see Amber's growth, as both an investor and a trading partner. Their 24-7 global coverage team has helped Pantera execute over USD 1.1bn in trades in 2021 and that continues to grow," said Dan Morehead, founder and CEO of Pantera.
In the same space, Matrixport, a two-year-old crypto financial services platform based in Singapore, closed a USD 100m Series C round at a valuation of USD 1bn last August.
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