Amber Group has secured US$200 million in a funding round led by Singapore’s sovereign wealth fund Temasek, raising the cryptocurrency platform’s valuation to US$3 billion. 

See related story: Temasek-founded Affinidi launches new business unit to bring Web 3.0 to financial services to Southeast Asia

Fast facts

• Existing investors including Sequoia China, Pantera Capital, Tiger Global Management, Tru Arrow Partners, and Coinbase Ventures also participated in the funding.

• The fresh funds will be used for business expansion, strategic acquisitions, recruitment and for supporting sustainability initiatives.

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• Amber Group reached the coveted unicorn status in June last year after closing a US$100 million Series B to up its valuation to US$1 billion. 

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• With over US$1 trillion in traded volume and over US$5 billion assets under management, Singapore-headquartered Amber Group caters to both institutional and consumer markets across more than 150 countries. 

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• Amber Group’s financing comes a month after the Monetary Authority of Singapore, the country’s central bank, clamped down on crypto advertisements and promotions. 

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See related story: Singapore central bank warns against crypto marketing, promotion