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The Series B funding round was led by China Renaissance, with participation from several crypto venture funds, including Tiger Brokers, Tiger Global Management, Arena Holdings, DCM Ventures and Gobi Partners.
Image courtesy of CoinTelegraph
JUNE 20, 2021
Cryptocurrency investment platform Amber Group has added $100 million to its coffers following a successful Series B fundraiser, bringing its total pre-money valuation to $1 billion — a major milestone for the firm as it enters its fourth year of operations.
The cash injection will be used to “expand global operations to meet client demand and develop market solutions for the world’s leading crypto investors and companies,” co-founder and CEO Michael Wu said.
Measures of trade volume and total assets under management showcase Amber Group’s significant growth over the past four years. The company now has over $1 billion in assets under management, with more than $500 billion worth of cumulative trade volumes.
“We’ve had record months over the past quarter across both client flow and on-exchange market-making volumes,” Wu said, adding:
“Since stepping up our on-screen presence, we now account for 2-3% of total trading volumes in major spot and derivative markets and are continuing to see growth. Our cumulative trading volumes have doubled from $250 billion since the beginning of the year to over $500 billion.”
In terms of notional trade volume, Amber Group ranks 21st among global exchanges, according to BitMEX data.
Amber’s assets topped $530 million in 2020, representing a 275% increase from the prior year. At the time, Wu told Cointelegraph that his company has “already proven we can provide institutional-grade integrated crypto financial services.”
In addition to its Series B backers, Amber Group has received direct funding from some of blockchain’s biggest venture funds, including Pantera Capital, Coinbase Ventures and Blockchain.com.
Venture funds have poured billions of dollars into the crypto economy over the past six months, highlighting their conviction in the new asset class. Just this month, Solana Labs finalized a $314 million private token sale, PayPal and Salesforce contributed $14 million to TRM Labs and DeFi exchange dYdX raised $65 million through a Series C fundraiser.
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Original article posted on the CoinTelegraph.com site, by Sam Bourgi.
Article re-posted on Markethive by Jeffrey Sloe
