Cryptocurrency funding platform Amber Group has added $100 million to its coffers following a profitable Sequence B fundraiser, bringing its whole
Cryptocurrency funding platform Amber Group has added $100 million to its coffers following a profitable Sequence B fundraiser, bringing its whole pre-money valuation to $1 billion — a significant milestone for the agency because it enters its fourth 12 months of operations.
The money injection will likely be used to “increase international operations to fulfill shopper demand and develop market options for the world’s main crypto buyers and firms,” co-founder and CEO Michael Wu stated.
Measures of commerce quantity and whole belongings beneath administration showcase Amber Group’s vital development over the previous 4 years. The corporate now has over $1 billion in belongings beneath administration, with greater than $500 billion price of cumulative commerce volumes.
“We’ve had report months over the previous quarter throughout each shopper circulate and on-exchange market-making volumes,” Wu stated, including:
“Since stepping up our on-screen presence, we now account for 2-3% of whole buying and selling volumes in main spot and by-product markets and are persevering with to see development. Our cumulative buying and selling volumes have doubled from $250 billion because the starting of the 12 months to over $500 billion.”
When it comes to notional commerce quantity, Amber Group ranks 21st amongst international exchanges, in keeping with BitMEX information.
Amber’s belongings topped $530 million in 2020, representing a 275% enhance from the prior 12 months. On the time, Wu advised Cointelegraph that his firm has “already confirmed we will present institutional-grade built-in crypto monetary providers.”
Along with its Sequence B backers, Amber Group has obtained direct funding from a few of blockchain’s largest enterprise funds, together with Pantera Capital, Coinbase Ventures and Blockchain.com.
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