Asian crypto investment firm Amber Group has acquired Singaporean crypto exchange Sparrow, according to a report in The Business Times citing regulatory filings.

Sparrow is based in Amber's home region. The crypto exchange was founded in 2018 and has raised a total of $14.2 million, according to data from Crunchbase. It announced in August that it had obtained a Major Payment Institution license from the Monetary Authority of Singapore, which enabled the startup to provide digital payment token services in Singapore.

Amber has been in the process of trying to raise additional funds, seeking to raise $100 million at a flat valuation of $3 billion. The Financial Times reported last week that Amber had managed to secure $50 million of the $100 million, with the deal to be announced in January.