Crypto Service Provider Amber Group Raises $ 100 Million
Cryptocurrency Funding Service Provider Amber Group raised $ 100 million in Series B funding from Renaissance Group of China, Tiger Brokers, Tiger Global Management, Arena Holdings, Tru Arrow Partners, A&T Capital, Sky9 Capital, DCM Ventures, Gobi Partners, as well as existing investors Pantera Capital, Coinbase Ventures, and Blockchain.com. Other participants included Digital bit, Digital Finance Group, Fenbushi Capital, Math Wallet, SNZ Capital, Continue Capital and Zhao Qingsun. The company’s pre-monetary valuation is now $ 1 billion and its total increase to date is $ 128 million.
“With this new capital from strategic investors, Amber Group will continue to expand its global operations to meet customer demand and develop market solutions for the world’s leading crypto investors and companies,” said Michael Wu, co-founder and CEO of Amber Group.
Amber Group was founded in 2017 and is now present in Hong Kong, Taipei, Seoul and Vancouver. They offer primary algorithmic trading, electronic market making, high frequency trading, OTC trading, borrowing and lending, derivatives and other structured products.
“We had record months in the last quarter in terms of client flow and market making volumes on the exchange,” Wu said. “Since we have stepped up our screen presence, we now represent two to three percent of total trading volume in major cash and derivatives markets and continue to grow. Our cumulative transaction volumes have doubled from $ 250 billion year-to-date to over $ 500 billion.
Wu said Amber Group was profitable from the start. Its figures from January to April this year put its revenue on a path of $ 500 million at the end of the year. It manages $ 1.5 billion in business capital and has over 100,000 registered users for its mobile application.