Cryptoeconomy: Amber Group raises $100M in Series B funding at $1 billion valuation
Amber Group, a Hong Kong-based crypto trading and technology company, raised $100m in Series B funding at a $1 billion valuation.
Backers included China Renaissance Group, Tiger Brokers, Tiger Global Management, Arena Holdings, Tru Arrow Partners, A&T Capital, Sky9 Capital, DCM Ventures, Gobi Partners, as well as existing investors Pantera Capital, Coinbase Ventures, Blockchain.com, Bit Digital, Digital Finance Group, Fenbushi Capital, Math Wallet, SNZ Capital, Continue Capital, and Mr. Zhao Qingsun.
The company intends to use the funds to continue to expand global operations and develop market solutions for crypto investors and companies.
Founded in 2017 by Michael Wu, CEO, Amber Group is a crypto finance service provider offering clients services including principal algorithmic trading, electronic market-making, high-frequency trading, OTC trading, borrowing and lending, derivatives, and other structured products. Operating 24/7 with a presence in Hong Kong, Taipei, Seoul, and Vancouver, the company services both institutions and individual investors.
Active in the DeFi space as a liquidity provider and trader, the firm currently manages about $1.5 billion in trading capital that varies based on BTC and ETH prices. In early Q3 2020, Amber Group launched their mobile app, ‘Amber App,’ to deliver an advanced suite of tools to assist users in achieving optimal investment returns on their investments.
Having started as a small team of less than 10 in 2017, the firm now has over 330 employees globally.