Michael Wu, the CEO and Co-Founder of Amber Group, has announced the company’s remarkable success in their Series B funding round; with the capital raise elevating the company’s pre-money valuation to $1 billion.
In a recent press release,Wu stated that “this new capital … will continue to expand global operations to meet client demand and develop market solutions for the world’s leading crypto investors and companies”.
This suggests that the capital raise will be used to further the Group’s expansion into the DeFi technology and trading space.
Wu is a crypto evangelist and actively describes crypto as a “young and promising asset class”.
The Series B funding round has drawn 10x more funding than Amber Group’s 2019 Series A funding round; this is largely due to investments from A&T Capital, China Renaissance Group, CoinBase Ventures, and Blockchain.com amongst other.
Founded in 2017 and based out of Hong Kong, the firm established itself as a leading liquidity provider servicing both investors and institutional finance.
— Amber Group (@ambergroup_io) June 20, 2021
Since inception the firm offerings have been connected with algorithmic high-frequency trading, and Amber Group has forged their reputation in the creation of client-oriented financial products and financial services.
This latest funding round marks a new direction and has primarily been designed to build upon the firm’s recent successes in cryptocurrency trading and role as a large-scale liquidity provider in the DeFi space.
The Group currently manages about $1.5 billion in trading capital with substantial positions on BTC and ETH, this has led to their recently recorded impressive revenue growth – annualising $500m in 2021 (based upon January-April figures).
Amber App – a new application launched to equip investors with tools to assist their trading has already amassed over 100,000 users.
This comes as reassuring news from the Asian markets after a troubled week following China’s recent ban on cryptocurrency mining, and stands to demonstrate that there is still a very significant interest in Asia’s ever-growing crypto industry.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.