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 around $1 billion seven months ago. 

According to a company statement, Tuesday’s release stated that other investors include existing shareholders Sequoia China and Tiger Global Management, the venture capital arm at crypto exchange Coinbase. Pantera Capital, a crypto hedge-fund founded 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 institutional business in Europe, the Americas and Asia. 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 2019In the statement, he said. “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. The company was founded in 2017 by a group from Morgan Stanley that is comprised of quantitative traders. It moved its home office from Hong Kong in 2017 to Singapore. Many believe that Singapore is more crypto-friendly because of the regulations the Southeast Asian country rolled out in the early 2020. These regulations allow exchanges to apply 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 manages more than $5 billion worth of 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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