Coinbase, Temasek Lead Amber’s $200M Funding; Valuation Crosses $3B
While the crypto market continues to drown, crypto adoption continues to rise. Investments and partnerships into and with crypto companies have become the new meta, and it seems only to be flourishing.
The recent one to join that list is the Amber Group.
Coinbase Ventures’ Next Venture
The 5-year-old Amber Group, a digital asset acting as liquidity providers, miners, and validators on 70+ exchanges, applications, and networks, announced a $200 million Series B+ funding round yesterday.
Leading the investment is Temasek, and this investment would raise the company’s valuation to $3 billion.
Apart from Temasek, investing companies, including Coinbase’s investment arm Coinbase Ventures, Pantera Capital, Tiger Global Management, Sequoia China, and Tru Arrow Partners, are already a part of the shareholders, also participated in the company.
Operating out of Singapore, the company has already expanded to 12 other cities, including Chicago, Geneva, Dubai. Over time the growth witnessed by the company has made it a frontrunner in global liquidity providers.
The cumulative transaction volumes crossing $1 trillion and the company managing more than $5 billion worth of assets are both evidence of the same.
The Global Chief Executive Officer of Amber Group, Michael Wu, commented on the funding by saying:
“At Amber Group, we want to do more than enable mainstream digital asset adoption. We want to help create a digital future where digital assets empower people with the opportunity and agency to shape a better world for all. We are proud to have the support of our investors who not only share this vision but also put their capital and trust in us to achieve it,”
Using the funding, Michael Wu stated that the company would make “key” hires and expand its award-winning consumer app, WhaleFin’s global footprint. He added:
“This latest round of capital will bring Amber Group to the next level…We will cast our sights beyond business expansion and strategic acquisitions, too, as part of our commitment to building a sustainable future for all.”
The Bigger Picture
It clearly stated that no crypto service provider is allowed to advertise their services to the general public of Singapore, citing a lack of awareness among citizens and the volatility risks.
However, despite the prevalent market conditions, investments and partnerships signify the importance of crypto adoption.
Crypto adoption isn’t subject to whether the market is performing well. It extends beyond that to its utility and the opportunities it presents in the long run.
Thus, such investments will rise further as more mainstream organizations integrate crypto into their businesses and services.