Amber Group received a $200 million investment, resulting in a threefold increase in its valuation since last summer. Amber, a cryptocurrency finance service provider, has been valued at $3 billion following a funding round headed by Singaporean state-owned investment firm Temasek Holdings.
According to a Feb. 21 release, Amber Group was able to raise $200 million in its Series B+ funding round. Sequoia China, Pantera Capital, Tiger Global Management, Tru Arrow Partners, and Coinbase Ventures were among the other investors.
Amber's valuation has climbed threefold since last June when it was valued at $1 billion in its Series B round of fundraising. The firm, which was created in Hong Kong by former Morgan Stanley traders, presently manages $5 billion in assets.
The fresh funding would be used to make "important hires to assist our institutional business in Europe and the Americas," as well as to expand the worldwide reach of its consumer-side WhaleFin mobile-based crypto investing platform.
Amber Group assists institutional and commercial clients in making bitcoin investments. It has a total trading volume of more than $1 trillion.
Amber Group's expansion may be seen in the increasing quantity of funding it has received as well as the overall number of its holdings. DeCurret, a Japanese crypto trading platform, sold its crypto operations to Amber Group on February 1 after announcing plans to do so on January 12.