Amber Group, a crypto trading and technology firm, announced today it had 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.
This financing round also includes participation from other leading investors in the crypto space including Bit Digital, Digital Finance Group, Fenbushi Capital, Math Wallet, SNZ Capital, Continue Capital, and Mr. Zhao Qingsun. The fundraise marks a significant milestone for the company boosting its pre-money valuation to $1 billion, 10x its previous Series A round from 2019, in which the company raised $28 million at a $100 million valuation. The funding round comes at a time when Amber Group is expanding its operations globally to bring its crypto finance offerings to more regions.
“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 Michael Wu, Co-Founder, and CEO of Amber Group.
Founded in 2017, Amber Group services both institutions and individual investors. With a presence in Hong Kong, Taipei, Seoul, and Vancouver, Amber Group is one of Asia’s leading liquidity providers. It offers clients services including 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 2-3% 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.”
Active in the DeFi space as a liquidity provider and trader, Amber Group 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. The launch has seen impressive user growth, with the number of registered users increasing four-fold since December 2020 to over 100,000.