.o.jpg?tr=w-500 "Amber Group Valued at $3 Billion After Investment from Temasek")
The crypto financial service provider Amber Group managed to secure a $200M funding round, putting the company’s value at almost 4 million Singaporean dollars.
With Singapore standing at the forefront of blockchain technologies in Southeast Asia, investments have been pouring into the country’s crypto startups over the past year.
Earlier last year, Amber Group managed to secure a Series B fund which put the company at $1B. However, in less than a year, the crypto investment company tripled its value, and after the recent Series B+ funding, Amber is valued at $3 billion, according to a public announcement made on February 22nd.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
Hot VS Cold Wallet: Which One Do YOU Need? (Animated)
Based on the report, with $5B in total holdings and the recent funding, Amber Group will seek to expand into other regions in the western world, and introduce its WhaleFin digital investing platform. Michael Wu, who is the CEO of Amber Group, spoke on the latest investment, stating:
"...we plan to expand WhaleFin's global footprint in both developed and developing markets worldwide and advance OpenVerse, which is already experiencing hyper-growth with a strong line-up of gaming studios, sports collectibles, digital artists and other partner brands."
The funding round for Amber Group was led by Temasek, which is a holding company based in Singapore, and supported by other large investors in the blockchain industry like Sequoia China, Tru Arrow Partners, Coinbase Ventures, Tiger Global Management, and Pantera Capital.
In fact, Amber Group has been named as one of the most secure and transparent crypto finance companies, receiving the SOC 2 compliance which evaluates crypto service providers based on their security measures, and how well they protect both user information and customer funds.
As Singapore continues to spearhead the blockchain industry, according to a KPMG report, the country has set a record-high with $4 billion worth of investments over the past year.
Likewise, Singapore’s megabank DBS announced that it will make crypto investments more accessible to casual investors.
