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Highlights
- Amber Group gets valued at US$3 billion by Temasek.
- Amber Group is to utilise funding for WhaleFin app expansion.
- The regulated Singapore digital asset market is emerging as a hot favourite in Asia.
Crypto firm Amber Group has bagged in a valuation of US$3 billion from investment company Temasek. Amber group has raised US$200 million in its recent funding round led by the Singapore based Temasek. Besides Temasek, Sequoia China, Tiger Global Management, Coinbase Ventures and others participated in the funding.
As per Temasek’s tweet, the investment is to support the Amber Group’s expansion, including expansion of its WhaleFin App.
Amber Group’s digital assets business and WhaleFin
Amber group is a financial services company from Singapore that helps institutions and individuals with digital asset trading, investing, infrastructure and financing. The company has a global network spread across Taipei, Tokyo, Chicago, New Jersey, Geneva, Dubai, Hong Kong, London, Seoul, Vancouver, and other places.
WhaleFin is Amber Group’s flagship digital asset platform that as claimed by the company, empowers individual investors to build wealth in the ongoing digital era. WhaleFin according to Amber group’s website is an all-in-one platform serving as a digital asset gateway for individuals to access institutional-grade trading tools via a mobile app or their web browser.
Also read- Cryptocurrency vs fiat currency - All you need to know
Amber Group’s global expansion plans
According to reports, Amber will be utilising the funding proceeds for hiring in Europe and America for expanding its mobile app coverage which was launched last year globally. Amber is said to have hired executives from Morgan Stanley and Goldman Sachs Group to bolster its expansion.
Reports also speculate another funding round by Amber later this year and before its IPO (initial public offering) which will probably take place in the second half of 2023, likely in US. Amber has already bagged in valuation worth billions of dollars from Temasek.
However, the Temasek deal is stealing media limelight not only for its pricy valuation but for the fact that Singapore is trying to cut down on crypto. The central bank is not looking forward to the speculative aspects of it and is encouraging only institutional participation. It is seeking to limit individual participation in crypto as digital assets pose volatility risk.
Singapore’s hot crypto market
On the other hand, Singapore is still being considered a hot digital asset market in Asia. As per reports, around 180 companies have already applied for permits to operate in the regulated cryptocurrency business of the South-east Asian country. While a few have gotten in-principal approvals, Amber Group has not issued any statement or commented anything on licence application.
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