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June 21, 2021

Crypto asset firm Amber Group rakes in $100m at $1bn valuation

By Johney Amala

Hong Kong-based cryptocurrency financial service firm Amber Group has raised $100m in a Series B funding round at a pre-money valuation of $1bn.

The round, which follows the company’s $28m Series A financing in 2019, was led by China Renaissance.

It was also joined by Tiger Global Management, Tru Arrow Partners, DCM Ventures, Sky9 Capital, and Gobi Partners.

Amber’s existing backers, which consist of Coinbase Ventures, also invested in the round.

Founded in 2017, the company provides services such as algorithmic trading, electronic market-making, high-frequency trading, OTC trading, borrowing, and lending, as well as derivatives to institutional and individual investors.

The company rolled out its mobile app last year, expanding its customer base to retail consumers.

Amber app is said to have over 100,000 registered users at present.

Amber CEO Michael Wu said that the company witnessed ‘record months over the past quarter across both client flow and on-exchange market-making volumes’ and it currently makes up for ‘2-3% of total trading volumes in major spot and derivative markets’.

The company is planning to use the new capital to drive its expansion globally and to make strategic acquisitions in areas such as cybersecurity.

Wu divulged that the company is also looking to acquire firms with regulatory licenses in certain jurisdictions, as part of its aim to a new market.

He said: “I think regulation is always a challenge for this industry because it’s a very global industry.

“It’s always about staying ahead, or at least staying aware of the different regulation. We always take a very conservative approach to that.”

Amber currently has footprint in Hong Kong, Taipei, Seoul, and Vancouver and over 330 employees.

In March this year, BNY Mellon participated in a Series C financing round for crypto startup Fireblocks, joining the queue of financial firms jostling for space in the crypto realm.

 

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