Crypto Agency Amber Group Hits Unicorn Standing With Newest $100M Funding

Amber Group, a Hong Kong-based cryptocurrency monetary providers agency, has raised $100 million in a Sequence B spherical led by funding financial institution China Renaissance.


Different high-profile backers, together with Tiger International Administration, DCM Enterprise, and present traders Coinbase and Pantera Capital, participated within the spherical, which noticed Amber Group attain the unicorn standing with a pre-money valuation of $1 billion. 

The most recent valuation is ten instances that of the startup’s $28 million Series A financing spherical in February 2020. 

Based by a staff of former Morgan Stanley merchants, Amber Group operates in Hong Kong, Taipei, Seoul, and Vancouver. The agency plans to make use of the contemporary capital to rent new expertise and develop its geographic attain throughout the globe. 

Initially, Amber Group labored on a expertise that utilized machine studying algorithms to quantitative buying and selling. The agency turned its sights to digital property in 2017, when the worth of Bitcoin reached $20,000 for the primary time, spurring the general market progress. 

Presently, Amber Group serves about 500 institutional shoppers and high-net price people, providing them a variety of merchandise, resembling algorithmic and high-frequency buying and selling, digital execution, over-the-counter (OTC) buying and selling, in addition to lending providers. The platform helps buying and selling for Bitcoin (BTC) and Ethereum (ETH), as properly stablecoins like Tether’s USDT and Circle’s USDC.

Moderately than permitting prospects to commerce themselves, the startup takes on their deposits in return for an rate of interest, appearing as a buying and selling supervisor. In keeping with the corporate, it has roughly $1.5 billion in property underneath administration.

Amber Group’s CEO Michael Wu mentioned that because the starting of the yr the agency’s cumulative buying and selling volumes have doubled from $250 billion to over $500 billion. 

Chief monetary officer Tiantian Kullander claims that the agency has been worthwhile since day one with a internet margin above 60%. He mentioned that that is primarily on account of Amber Group’s market technique, which is to commerce on cryptocurrency’s volatility moderately than simply to purchase the dips and promote at increased costs. 

Amber Group is the second crypto firm that has hit the “unicorn” valuation in latest weeks. 

Earlier this month, French crypto {hardware} pockets producer Ledger raised $380 million in a Sequence C funding spherical, inserting the corporate’s implied valuation at greater than $1.5 billion.

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