Crypto Investment Platform Amber Group Reaches Major Milestone With $1 Billion Valuation After Raising $100 Million

The Series B round was led by China Renaissance and followed by several crypto venture capital funds, including Tiger Brokers, Tiger Global Management, Arena Holdings, DCM Ventures and Gobi Partners.

Cryptocurrency investment platform Amber Group has added $100 million to its vault following the successful completion of its Series B funding round, bringing its total valuation to $1 billion, a significant milestone for the company.

The Series B round was led by China Renaissance Capital and followed by several crypto venture capital funds, including Tiger Brokers, Tiger Global Management, Arena Holdings, DCM Ventures and Gobi Partners.

The Hong Kong-based company now provides trading and asset management services to 500 institutional clients, including family offices, funds and high net worth individuals. In addition to retail applications, Amber Group offers customized investment products such as Yield Boost, an options contract that allows users to buy low or sell high on cryptocurrencies using custom parameters.

Michael Wu, co-founder and CEO of the company, said the cash infusion will be used to “expand our global presence to meet client needs and develop market solutions for leading crypto investors and companies around the world.

The volume of trade and total assets under management show the significant growth Amber Group has experienced over the past four years. The firm now has over $1 billion in assets under management and over $500 billion in cumulative trading volume.

“In the past quarter, we have seen record client flows and record volumes of market-making trades on the floor,” said Wu, adding.

“We now represent 2-3% of total trading volume in the major spot and derivatives markets, and continue to grow. Since the beginning of the year, our cumulative trading volume has doubled from $250 billion to over $500 billion.”

Amber Group ranks 21st among global exchanges in terms of trading volume, according to BitMEX.

Amber Group’s assets reached $530 million in 2020, a 275 percent increase over the previous year. At the time, Wu said his company had “proven that we can provide institutional-grade, integrated crypto financial services.”

In addition to its Series B funding, Amber Group has received direct funding from some of blockchain’s largest venture funds, including Pantera Capital, Coinbase Ventures and Blockchain.com.

In the past six months, venture funds have poured billions of dollars into the crypto economy, underscoring their confidence in this new asset class. Just this month, Solana Labs completed a $314 million private token sale, PayPal and Salesforce donated $14 million to TRM Labs, and DeFi exchange dYdX raised $65 million in a Series C round.

Michael Wu has said that Bitcoin will still see price volatility, but it is not a bubble.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/crypto-investment-platform-amber-group-reaches-major-milestone-with-1-billion-valuation-after-raising-100-million/
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