By
Tolu Ajiboye
April 14th, 2023
Amber Group closed its Series B funding round last year with $100 million, thereby making the B+ funding round its largest investment.
Amber Group, a crypto platform, has raised $200 million in a Series B+ funding round led by Temasek at a $3 billion valuation. Investors in the just concluded funding round include Sequoia China, Pantera Capital, Tiger Global Management, True Arrow Partners, and Coinbase Ventures.
Amber Group’s Funding
The funds are expected to be channeled to the company’s products in the digital economy.
“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,” Amber Group noted in a tweet.
Notably, Amber Group closed its Series B funding round last year with $100 million, thereby making the B+ funding round its largest investment.
Amber Group and Leadership Board
The digital asset platform has heavily invested in the blockchain and crypto market. Founded back in 2017, at the height of the crypto bull market, Amber Group has grown to over 1,000 institutional investors. Of note, the company has seen its cumulative transaction volume surpass $1 trillion and assets under management grow to over $5 billion.
“From radically transforming the concept of ownership and value in the global economy, digital assets are redefining the way we live outside of the financial ecosystem. …. 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,” said Amber Group’s Global Chief Executive Officer, Michael Wu.
The company said that the funds will help it make strategic hires besides developing existing systems.
“….we plan to expand WhaleFin’s global footprint in both developed and developing markets worldwide and advance OpenVerse, which is already experiencing hyper-growth with a strong line-up of gaming studios, sports collectibles, digital artists, and other partner brands. We will cast our sights beyond business expansion and strategic acquisitions too, as part of our commitment to building a sustainable future for all. We will continue to broaden our support of sustainability initiatives, with our recent partnership with the Whale and Dolphin Conservation (WDC) being only the start of this journey,” added Wu.
The crypto market has significantly evolved in the past few years following increased government regulations. Institutional investors are seeking platforms that are secure and scalable to invest in.
“Their (Amber Group) 24/7 global coverage team has helped Pantera execute over $1.1b in trades in 2021 and that continues to grow,” said Dan Morehead, Founder and Chief Executive Officer at Pantera Capital.
