Amber Group has been awarded the unicorn status since June.
Amber Group has raised $200 million in a fundraising round led by Singapore’s state-owned investment firm Temasek, boosting the valuation of the cryptocurrency financial services firm to $3 billion. It was valued at $1B approximately seven months ago. 

According to a Tuesday company statement, other investors include existing shareholders Sequoia China, Tiger Global Management (the venture capital arm of crypto-exchange Coinbase), as well as Pantera Capital (a crypto hedge fund established by a former Tiger Management executive). 

Amber Group was awarded unicorn status in its June fundraising round. The company announced that it will use the new capital for staffing to expand its European and American business. The capital will also be used to expand coverage of its crypto investment platform worldwide.

“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,” cofounder and CEO Michael Wu, a Forbes 30 Under 30 Asia alum from 2019, said in the statement. “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.”

According to media reports, Amber Group is expected to consider an initial public offering in America next year. A group of quantitative traders at Morgan Stanley created the company in 2017. It recently moved its headquarters from Hong Kong to Singapore. This is due to regulations in Southeast Asia that allow exchanges to apply to for operating licenses.  

Amber Group offers platforms to trade and invest in cryptocurrency using digital assets. The startup claimed that it has processed over $1 trillion in crypto transactions and has more than $5 billion in digital assets. 

According to its statement, the crypto company has operations in Asia and Europe as well as the Americas. It has also received regulatory approvals from Australia and Switzerland. It has recently ventured into Japan through its acquisition of DeCurret, a local crypto exchange licensed by the country’s financial regulators.

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