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Crypto platform Amber Group has announced a $200 million raise led by Temasek, the Singapore-based sovereign wealth fund.

The investment values Amber, which is also based in Singapore, at $3 billion — and brings the total amount of capital it has raised to date to $328 million.

Alongside Temasek, existing investors including Sequoia China, Pantera Capital, Tiger Global Management, True Arrow Partners and Coinbase Ventures participated in the round.

Founded in 2017, Amber offers a wide range of products to both institutional and consumer clients. In addition to providing liquidity and market making services, it offers structured products, and advisory services. The company now has more than 1,000 institutional clients globally and boasts assets under management of more than $5 billion, according to a press release. 

Amber’s CEO, Michael Wu, said the firm’s latest capital injection will fuel hiring in Europe and the Americas — helping it to meet institutional demand in those regions. There are also plans to expand WhaleFin, its consumer app, and its creator-focused arm OpenVerse.

“We will cast our sights beyond business expansion and strategic acquisitions too, as part of our commitment to building a sustainable future for all,” Wu added.

Earlier in February, Amber’s WhaleFin acquired Japanese crypto exchange DeCurret Inc. — marking its first foray into the Japanese market. 

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