Singaporean Investment Helps Amber Valued at $3B

Temasek Holdings Limited, a Singaporean state investment corporation, was among the investors in a funding round that valued cryptocurrency trading platform Amber Group at US$3 billion (about RM12.55 billion), only weeks after the city-state tightened on crypto marketing firms. Existing shareholders such as Sequoia China, Pantera Capital, and Tiger Global Management also participated in the US$200 million fundraisings, according to a statement issued by Singapore-based Amber on February 22. The business, created in 2018 by five former Morgan Stanley traders in Hong Kong, has seen its worth treble since mid-2021. We are excited to announce our Series B+, which comes at a time of rapidly increasing crypto adoption globally. The investment reinforces Amber Group’s strategic alignment with its investors, as well as a shared vision of digital assets’ future in a new, digital economy. #wagmi pic.twitter.com/6EOHd1H8Gx — Amber Group (@ambergroup_io) February 22, 2022 Singapore is one of the hottest marketplaces countries in Asia for crypto start-ups. Temasek and its subsidiaries have made numerous investments in the field since last year. Amber’s Series B investment round, first announced in June, was extended particularly to bring Temasek onboard as an investor, according to CEO Michael Wu. Wu believes that Temasek is a strategic corporation, so Amber has been making special efforts to bring them onboard. Amber wants to use the funding to hire in Europe and America, and to extend the coverage of the mobile application that was introduced last year.  Steven Ji, Partner at Sequoia China, stated in the same statement, “Digital assets are becoming an increasingly important category to watch, especially for institutional investors.” Institutional and commercial investors, with the help of Amber Group, invest in cryptocurrency. To date, Amber Group’s cumulative trading volume could be more than $1 Trillion.  Wu claims that Amber might seek further funding rounds later this year in preparation for an initial public offering that would most likely take place by late 2023 in the United States.  The agreement comes after Singapore cracked down on speculative parts of cryptocurrency while still promoting institutional engagement. Central Bank warned corporations in January to significantly limit marketing to the general public, noting the risk of volatile digital tokens.  Singapore has been one of the region’s friendliest marketplaces to crypto investors. According to a recent KPMG report, the city-state would receive $1.48 billion in cryptocurrency investments in 2021. This is a tenfold increase from 2020. Senior executives, including Wu, have shifted to Singapore from Hong Kong in recent months, highlighting the city-rise state’s as a crypto industry powerhouse.  The wealthiest country in Southeastern Asia has noted the application of 180 companies to permit a regulated cryptocurrency company. However, as of January, only five firms have received in-principle approvals. Lastly, Amber refuses to comment on whether it has filed for a license or not.  Regulators have begun tightening down on the marketing practices used by certain crypto businesses, maybe in a small amount due to the increased crypto investing activity. Advertisements are not permitted to be put in public spaces such as public transit, internet, or print media, according to new guidelines released to marketers on January 17.

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