February 23, 2020
By Sharan Kaur Phillora
Temasek, one of Singapore’s major sovereign wealth funds, led a $200 million investment round in Amber Group, a firm that provides liquidity and market-making services to clients throughout Asia. The funding valued Amber Group at $3 billion.
Here’s what we know:
- In addition to Temasek, other investors including Sequoia China, Pantera Capital, Tiger Global Management, Tru Arrow Partners, and Coinbase Ventures also participated. The latest funding round has resulted in the company more than tripling its valuation from June Series B, where it raised $100 million at a $1 billion valuation.
- The company was founded in 2017 by a group of quantitative traders from Morgan Stanley with Michael Wu, serving as the company CEO. The company is known for offering a wide range of products to both institutional and consumer clients. In addition to providing liquidity and market-making services, it offers structured products and advisory services.
- “We want to help create a digital future where digital assets empower people with the opportunity and agency to shape a better world for all,” co-founder and CEO Michael Wu, a Forbes 30 Under 30 Asia alum from 2019, said in the statement. “We are proud to have the support of our investors who not only share this vision but also put their capital and trust in us to achieve it.”
- Although Singapore has become less friendly to crypto firms, discouraging them from targeting retail customers, firms like Amber Group almost exclusively target institutional clients, although it said it will use the funding round to expand its retail offerings.
- Amber Group said it will use some of the fresh capital to expand WhaleFin, a retail-targeted app that allows consumers to earn a yield on their crypto holdings.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.