Singapore-based crypto firm Amber International has announced the completion of a $25.5 million private placement to foster its $100 million crypto ecosystem reserve fund.

The private placement was priced at $10.45 per share, the company said in a statement on Thursday. The price is based on a 5% discount to the company’s three-day volume-weighted average trading price.

“Proceeds from the private placement will be strategically used to enhance Amber International’s $100 million Crypto Reserve initiative, which is designed to support long-term ecosystem alignment and product innovation.”

The raise saw participation from institutional investors, including CMAG Funds, Mile Green, Pantera Capital, Kingkey Financial International, and…