Crypto-finance company Amber Group valued at $1B following $100M raise



Cryptocurrency funding platform Amber Group has added $100 million to its coffers following a profitable Series B fundraiser, bringing its whole pre-money valuation to $1 billion — a serious milestone for the agency because it enters its fourth yr of operations. 

The money injection can 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 mentioned.

Measures of commerce quantity and whole property beneath administration showcase Amber Group’s important development over the previous 4 years. The company now has over $1 billion in property beneath administration, with greater than $500 billion price of cumulative commerce volumes.

“We’ve had record months over the past quarter across both client flow and on-exchange market-making volumes,” Wu mentioned, including:

“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 0 billion since the beginning of the year to over 0 billion.
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In phrases of notional commerce quantity, Amber Group ranks 21st amongst international exchanges, according to BitMEX knowledge.

Amber’s assets topped $530 million in 2020, representing a 275% improve from the prior yr. At the time, Wu instructed 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 obtained direct funding from a few of blockchain’s greatest enterprise funds, together with Pantera Capital, Coinbase Ventures and Blockchain.com.

Related: Financial advisers lead the institutional push toward crypto adoption

Venture funds have poured billions of {dollars} into the crypto financial system over the previous six months, highlighting their conviction within 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 alternate dYdX raised $65 million by way of a Series C fundraiser.