Hongkong-based Amber Group, crypto finance and service provider reaches $1Billion. The firm has recently raised $100 million in a Series B round. Chinese investment firm China Renaissance led the way for them along with many other participants. The Firm scored a pre-money valuation of $1 billion.
The Series B participants include Tiger Brokers, Tiger Global Management, Arena Holding, Tru Arrow Partners, Sky9 Capital, DCM Ventures, and Gobi Partners. In addition, past Investors like Pantera Capital, Coinbase Ventures, and Blockchain.com also joined in.
The firm is now worth more than ten times what it was in 2019 when the firm raised $28 million Series A at $100 million valuations.
In May Honk Kong based Babel Finance secured $40 million in funding from a number of big-name institutional investors, including Amber’s investor Tiger Global.
The firm has typically sold products to Institutional investors and wealthy individual, including algorithmic trading, high-frequency trading, and lending products. In addition, the company offers investors several various cryptocurrency products to invest in.
“We’ve had record months over the past quarter across both client flow and on-exchange market making volumes,” Amber Group CEO Michael Wu said.
“We now account for 2-3 % of total trading volume in major spot and derivative market. Its cumulative trading volumes have doubled from $250 billion since the beginning of the years to over $500 billion.”
Since its inception, Amber is in profit with annualized revenues of $500 million based on figures from January to April 2021. Altogether, it manages around $1.5 billion in trading capital that varies based on BTC and ETH prices.
Amber has over 330 employees worldwide across Hong Kong, Taipei, Seoul, and Vancouver. The proceeds from its Series B will go towards global expansion.
Also Read: Amber Lists AMBRx on Solana, Pioneering Tokenized Stocks
