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CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Q2) | 6 Months Ended | 12 Months Ended
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Jun. 30, 2023 | Dec. 31, 2022
CASH, CASH EQUIVALENTS AND RESTRICTED CASH |  |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
8. | CASH, CASH EQUIVALENTS AND RESTRICTED CASH
The breakdown of cash and cash equivalents is as follows:
In thousands of USD | ​ | ​ | At December 31, 2022 | ​ | ​ | At June 30, 2023
US dollar | ​ | ​ | 211,253 | ​ | ​ | 112,957
Singapore dollar | ​ | ​ | 2,234 | ​ | ​ | 3,131
Chinese renminbi | ​ | ​ | 2,484 | ​ | ​ | 762
Norwegian krone | ​ | ​ | 12,589 | ​ | ​ | 12,069
Euro | ​ | ​ | 2,791 | ​ | ​ | 1,257
Hongkong dollar | ​ | ​ | 11 | ​ | ​ | 7
Bhutan Ngultrum | ​ | ​ | — | ​ | ​ | 20
Total cash and cash equivalents by currency | ​ | ​ | 231,362 | ​ | ​ | 130,203
Restricted cash | ​ | ​ | 11,494 | ​ | ​ | 9,477
Total restricted cash | ​ | ​ | 11,494 | ​ | ​ | 9,477
As of December 31, 2022 and June 30, 2023 the Group owned short-term deposits, which were classified as cash equivalents, in an amount of approximately US$37 million with maturities ranging from January to February 2023 and US$23 million with maturities in July 2023, and interest ranging from 0.6% to 4.2% and 0.85% to 4.5% respectively. The Group’s restricted cash primarily relates to the application of standby letters of credit. The Group has applied a total of three standby letters of credits (“SLCs”) from the Signature Bank and the CTBC Bank associated with property leased and electricity service subscribed. In April 2023, the SLC from the Signature Bank was cancelled and replaced by the deposit to the property lease holder. The SLCs provide the beneficiaries, which are the service providers, the ability to draw from the banks for a designated maximum aggregate amount (the “Draw Amount”). The details of SLCs are as follows:
| ​ | ​ | At December 31, 2022 | ​ | ​ | At June 30, 2023
Draw Amount (In thousands of USD) | ​ | ​ | 11,477 | ​ | ​ | 9,477
Range of expiration dates | ​ | ​ | July 2023 to June 2025 | ​ | ​ | August 2024
The amount and expiration dates of the SLCs are amended, from time to time, by the Group and beneficiaries, as a result of the amendments to the associated service agreements. In connection with the issuance of the SLCs, the banks held the Group’s cash balance equal to the Draw Amount as security. As of December 31, 2022 and June 30, 2023, none was utilized by the beneficiaries from the standby letters of credits. |
6. | CASH, CASH EQUIVALENTS AND RESTRICTED CASH
The breakdown of cash and cash equivalents is as follows:
| ​ | ​ | At December 31,
In thousands of USD | ​ | ​ | 2021 | ​ | ​ | 2022
US dollar | ​ | ​ | 368,115 | ​ | ​ | 211,253
Singapore dollar | ​ | ​ | 2,829 | ​ | ​ | 2,234
Chinese renminbi | ​ | ​ | 37 | ​ | ​ | 2,484
Norwegian krone | ​ | ​ | 1,104 | ​ | ​ | 12,589
Euro | ​ | ​ | 3 | ​ | ​ | 2,791
Hongkong dollar | ​ | ​ | — | ​ | ​ | 11
Total cash and cash equivalents by currency | ​ | ​ | 372,088 | ​ | ​ | 231,362
Restricted cash | ​ | ​ | 10,310 | ​ | ​ | 11,494
Total restricted cash | ​ | ​ | 10,310 | ​ | ​ | 11,494
As of December 31, 2022 the Group owned short-term deposits, which were classified as cash equivalents, in an amount of approximately US$37 million with maturities ranging from January to February 2023, and interest ranging from 0.6% to 4.2%. The Group did not own any such short-term deposits as of December 31, 2021. The Group’s restricted cash primarily relates to the application of standby letters of credit. The Group has applied a total of three standby letters of credits (“SLCs”) from the Signature Bank and CTBC Bank associated with property leased and electricity service subscribed. The SLCs provide the beneficiaries, which are the service providers, the ability to draw from the banks for a designated maximum aggregate amount (the “Draw Amount”). The details of SLCs are as follows:
| ​ | ​ | At December 31,
| ​ | ​ | 2021 | ​ | ​ | 2022
Draw Amount (In thousands of USD) | ​ | ​ | 10,293 | ​ | ​ | 11,477
Range of expiration dates | ​ | ​ | July 2022 to June 2025 | ​ | ​ | July 2023 to June 2025
The amount and expiration dates of the SLCs are amended, from time to time, by the Group and beneficiaries, as a result of the amendments to the associated service agreements. In connection with the issuance of the SLCs, the banks held the Group’s cash balance equal to the Draw Amount as security. As of December 31, 2021 and 2022, none was utilized by the beneficiaries from the standby letters of credits.

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