In yet another sign of burgeoning industry investments, crypto startup Amber Group announced Tuesday it has raised a further $200 million in an extended Series B funding round led by Singaporean state holding company Temasek.

Funding will go toward hiring efforts as the company eyes off institutional business in the EU and the Americas, as well as the expansion of its UK-based crypto subsidiary WhaleFin, Amber Group’s global head, Michael Wu, said in a statement.

“We will cast our sights beyond business expansion and strategic acquisitions too,” said Wu. “We will continue to broaden our support of sustainability initiatives, with our recent partnership with the Whale and Dolphin Conservation being only the start of this journey.”

It marks yet another instance of large money being thrown at DeFi crypto companies as the industry continues to expand. Earlier this month, Web3 blockchain startup Alchemy closed a $200 million round intended for Web3 developers. A week later blockchain-focused venture capital firm Woodstock announced the raise of $100 million for its fund.

Since inception, Amber Group’s cumulative transaction volume has surpassed $1 trillion, and the company has over $5 billion in assets under management.

The latest funding is the largest for the Singapore-headquartered startup whose valuation now stands at $3 billion. A total of $328 million in venture capital has been raised since its founding in 2018 by Morgan Stanley alumni. The company offers digital asset tech infrastructure and research in a bid to assist institutional clients in their purchase of crypto-related products as well as providing access to liquidity.

Participation in the extended round also came from existing shareholders including Sequoia China, Pantera Capital, Tiger Global Management, Tru Arrow Partners, and Coinbase Ventures, among others who were exercising their pro-rata rights.

“With investment in Amber Group’s previous round, we are impressed by the professionalism of Michael and his team, as well as their ability to execute, their growth and focus on compliance,” said Steven Ji, Partner of Sequoia China. “We continue to invest this round and believe Amber Group has the potential to become a leading digital asset platform in the Asian market.”

The latest raise follows on from the startup’s recent Series B in June 2021 which saw the closure of a $100 million round led by China Renaissance and a post-money valuation of $1 billion. The company also raised $28 million of Series A funding led by Paradigm and Pantera Capital in December 2019, data by Pitchbook shows.

When asked why Amber felt the need to extend the funding for its Series B, Wu told Blockworks the decision was driven by a strategic angle for Temasek to join on as an investor.

“With Singapore being our new HQ, having an endorsement in the form of an investment from the state-owned fund is something we are very excited about,” said Wu. “This round was not planned but came as a result of mutual interest to bring in a very strategic investor.”

Global investment company Temasek is headquartered in Singapore and is government-owned. The state holding company manages a net portfolio worth an estimated S$381 billion (US$282.9 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,” Wu said. “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.”