Singapore-based sovereign wealth fund Temasek led a $200 million funding round in Amber Group, which provides liquidity and market making services to a large number of clients across Asia. The company was valued at $3 billion.
The company said the money would go toward expanding the team in Europe and the Americas, citing institutional demand in those markets.
Company officials also said they would spend part of the round to expand the WhaleFin retail app, which allows customers to generate revenue from crypto-holdings.
In February, WhaleFin Holdings Japan acquired licensed exchange DeCurret.
In June, Amber Group closed a $100 million Series B round and reached a valuation of $1 billion. Thus, in less than a year, the company’s valuation has tripled despite a falling market.
The company said it now has more than 1,000 institutional clients and more than $5 billion in assets under management.