Temasek Holdings Pte, a Singaporean state investment corporation, was one of the investors in a $3 billion fundraising round for digital currency trading platform Amber Group, only weeks after the city-state tightened down on cryptocurrency marketing.
According to a statement released by Singapore-based Amber on Tuesday, existing shareholders Sequoia China, Pantera Capital, and Tiger Global Management all participated in the $200 million investment. Since June, the company’s worth has tripled. It was launched in 2018 by five former Morgan Stanley traders.
Temasek and its subsidiaries made many investments in the industry last year, making Singapore one of Asia’s hottest marketplaces for crypto entrepreneurs. For example, Temasek was the new investor in Amber’s most recent investment round.
The agreement comes as Singapore tries to curb the more speculative parts of cryptocurrency while promoting institutional engagement. The central bank warned firms in the sector to restrict marketing to the general public in January, noting the dangers of volatile digital tokens.
Only five of the 180 businesses who sought permission to run a supervised digital currency company in the richest nation in Southeast Asia have received in-principle authorization as of January. Amber wouldn’t say if it had applied for a license or not.
According to the release, Amber would use the funds to hire in Europe and the Americas and increase the scope of a mobile application it introduced last year internationally. Last year, the firm’s customer assets increased by more than $5 billion, according to the company.
In the last few months, senior leaders from the crypto business, including founder and CEO Michael Wu, have migrated to Singapore from Hong Kong, highlighting the city-rise state’s as a crypto center. In addition, amber said in September that it had engaged former Morgan Stanley and Goldman Sachs Group Inc. executives to assist with its growth.