Amber CEO said that the company’s trading volumes had doubled since the year began, from $250 billion to $500 billion.
Cryptocurrency financial startup Amber Group got the second round of funding, Series B, to raise $100 million. The funding was spearheaded by China Renaissance, and it brought Amber to the valuation of $1 billion. Apart from the company’s resident investors, (Panthers, Blockchain.com, and Coinbase) the following were the other participants in the Series B funding Tru Arrow, Tiger Brokers, Gobi Partners, Arena Holdings, Tiger Global, Sky9 Partners.
Based in diverse locations including Vancouver, Taipei, and Seoul, the cryptocurrency financial services provider revealed that the funding is meant to help in its bid for the expansion of the global operations. Amber Group offers different services in the Cryptocurrencies trading niche. It’s popular for over-the-counter, algorithmic, and high-frequency cryptocurrency trading.
About Amber Group
Amber Group’s primary business is to offer customized investment solutions like Yield Boost, a contract that requires users to make a commitment to trading using preferred parameters. In November 2020, the company entered into a partnership with BitGo Trust, whose primary role was to service Amber’s institutional investors and source more high-networth customers from places like Taiwan and Hong Kong.
In April, company data showed that it had a customer base of over 500 institutional participants/ clients. Besides the institutional investors, the ordinary users (families, private offices, high-networth customers, and funds) were in excess of 100,000, and the figure was found to have doubled during the first two months of 2021 (January and February). Additionally, the company’s App (Amber App) showed that assets had gained more than $390 million during the same period.
At the time, more data showed that the company’s assets were valued at over $1 billion. However, prices in the cryptocurrency market have gone down since. An article published on Coindesk showed that Amber’s assets in management (AUM) had passed $1 billion in April. Compared to industrial titans like Coinbase, whose user count stood at 43 million, Amber’s user base may appear negligible. However, this doesn’t represent the increased interest among upcoming curious investors who are often tempted to click their way to a trap.
Amber’s Future with New Funding
In a press statement, Michael Wu, Amber’s Chief Executive, was quoted saying that they’ve had record months in the last quarter in both trading volumes and client flow. The CEO further added that their trading volumes (cumulative) had doubled since the year began, from $250 billion to $500 billion. At the beginning of 2020, Amber Group had raised $28 million in the Series A funding round.
China Renaissance raised funds for several startups in the final, seventh, round. The financier was quoted saying that it will focus on startups mainly in the consumption, tech, and industrial growth niches. The financier attracted global investors from Europe, Asia, and commercial banks as well as privately-owned funds
Patrick is an accounting & economics graduate, a Cryptocurrency enthusiast, and a Blockchain technology fanatic. When not crafting informative pieces on any of the above subjects, he will be researching on how the Blockchain technology can transform the world, particularly the financial space.