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Crypto Unicorn Amber Valued At $3 Bln After Temasek-led Funding Round

Temasek is the most recent addition to a protracted listing of prolific shareholders within the Singapore-based agency. Sequoia China, Pantera Capital, Tiger International Administration, Tru Arrow Companions and Coinbase Ventures additionally participated within the Collection B+ funding spherical, Amber stated in a press release.

This brings whole capital raised by Amber to $328 million. The corporate had reached unicorn standing final 12 months after a $100 million funding spherical in June.

Temasek is an lively investor within the crypto area, with holdings in CoinDCX and FTX. Till lately, the state-owned funding agency additionally had a modest share in Coinbase, one of many world’s largest crypto exchanges.

Nonetheless, the information comes after Singapore clamped down on ads for extremely dangerous crypto investments, amid a growth in retail buying and selling.

However growing world adoption has significantly benefited crypto platforms. Amber stated its cumulative transaction volumes crossed $1 trillion in 2021, whereas belongings below administration grew to over $5 billion. Steven Ji, Accomplice at Sequoia China said-

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Digital belongings have gotten an more and more vital class to look at, particularly for institutional buyers.

Based in 2017, Amber serves each institutional and shopper markets. The corporate’s retail buying and selling app, WhaleFin, has greater than 100 thousand downloads within the Google Play Retailer.

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CEO Michael Wu stated the most recent funding will assist Amber increase WhaleFin into extra developed and rising markets, and also will gasoline hiring in Europe and the Americas.

Earlier this 12 months, Amber had entered the Japanese market via the acquisition of  crypto trade  operator DeCurret. CEO Wu had final 12 months additionally flagged nascent plans for a U.S. itemizing  in 2022 or 2023, in an interview with the South China Morning Submit.

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