Digital fintech platform Amber Group hits $3 billion valuation after $200 million round led by Temasek

Digital fintech platform Amber Group has hit a $3 billion valuation following a funding round led by Singapore's state investment firm Temasek Holdings.

Amber Group has raised $200 million in its Series B+ funding round, as announced in a Feb. 21 announcement. Other participants included Sequoia China, Pantera Capital, Tiger Global Management, Tru Arrow Partners and Coinbase Ventures.

Amber Group has now tripled its valuation since its $1 billion Series B round last June. Founded in Hong Kong by former Morgan Stanley traders, the firm currently manages $5 billion in assets.

The company said it plans to use the new investment to "bring in great talent to support our institutional business in Europe and the Americas" and expand the global reach of its WhaleFin App for individual users.

In the same announcement, Sequoia China partner Steven Ji said:

"Digital assets are becoming an increasingly important category to watch, especially for institutional investors."

Amber Group provides comprehensive encrypted financial services to institutional and individual investors. To date, its cumulative transaction volume has exceeded $1 trillion.

The growth of Amber Group can be seen from the funds it has obtained and the total number of holdings. On Feb. 1, Japan-based crypto trading platform DeCurret sold its crypto business to Amber Group, after saying on Jan. 12 that it planned to sell the business.

Singapore has been one of the most crypto-investor-friendly markets in the region. According to a recent KPMG report, the country saw $1.48 billion in crypto-related investments in 2021. This is a 10-fold increase over 2020. However, out of 180 companies that applied to operate crypto businesses, only five have been approved since January, according to Bloomberg.

Perhaps in part due to increased crypto investment activity, regulators have begun cracking down on marketing tactics employed by some crypto companies. New advertising regulations released on January 17 forbid advertising in public places such as public transportation, websites and print media.