Amber Group raises $100 million at a $1 billion valuation

Amber Group, a crypto-financial services provider, closed a Series B round for $100 million. The firm’s valuation rose to $1 billion.

https://t.co/d2SB9cw13n

— Amber Group (@ambergroup_io) June 20, 2021

The funding round was led by China Renaissance with participation from Tiger Brokers, Tiger Global Management, Arena Holdings, DCM Ventures and Gobi Partners.

The company also received direct investment from Pantera Capital, Coinbase Ventures and Blockchain.com.

The funds will be used to expand operations and develop new solutions.

The startup serves both institutional and retail investors. In Q3 2020, Amber Group launched a mobile app that has been downloaded by more than 100,000 users.

The product lineup includes algorithmic trading, market-making services, high-frequency trading, over-the-counter trading, borrowing and lending, and derivatives.

Four years after its founding, assets under management by the crypto-financial firm surpassed $1 billion, while the volume of completed trades reached $500 billion. At the start of the year, the latter figure had been half as large.

In an interview with Cointelegraph, co-founder and CEO Michael Wu estimated Amber Group’s share of total activity across major spot and derivatives platforms at 2-3%.

In June, Bitwise Asset Management attracted $70 million at a $500 million valuation.

In May, the crypto-financial services provider Babel Finance closed a Series A round of $40 million.

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