Cryptocurrency finance service provider Amber Group has raised $100 million in Series B funding from 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, and Blockchain.com. Other participants included Bit Digital, Digital Finance Group, Fenbushi Capital, Math Wallet, SNZ Capital, Continue Capital, and Zhao Qingsun. The firm’s pre-money valuation is now $1 billion and its total raise to date is $128 million.
“With this new capital from strategic investors, Amber Group will continue to expand global operations to meet client demand and develop market solutions for the world’s leading crypto investors and companies,” said Amber Group cofounder and CEO Michael Wu.
Amber Group was founded in 2017 and now has a presence in Hong Kong, Taipei, Seoul, and Vancouver. They offer principal algorithmic trading, electronic market-making, high-frequency trading, OTC trading, borrowing and lending, derivatives, and other structured products.
“We’ve had record months over the past quarter across both client flow and on-exchange market-making volumes,” said Wu. “Since stepping up our on-screen presence, we now account for two to three per cent of total trading volumes in major spot and derivative markets and are continuing to see growth. Our cumulative trading volumes have doubled from $250 billion since the beginning of the year to over $500 billion.”
Wu said Amber Group has been profitable since the beginning. Its January through April figures this year have its revenue on a path to $500 million at year end. It manages $1.5 billion in trading capital and has more than 100,000 registered users for its mobile app.