By Tony Montana
June 21, 2021, 4:28 PM
A Hong Kong-based cryptocurrency trading startup has raised $100m in a Series B funding round for a valuation of $1 billion.
The Amber Group project was formed in 2015 almost entirely by former Morgan Stanley traders. The idea was conceived upon the need to develop a safer and smarter way of trading assets algorithmically. Michael Wu, CEO of Amber Group told Fortune:
The recent valuation puts the company at 10 times the value after their Series A funding round closed in 2019. The Series B funding round includes a strong lineup of high-profile financial and venture capital firms including China Renaissance, which led the round, and Tiger Brokers, Tiger Global Management, Arena Holdings, Tru Arrow Partners, Sky9 Capital, DCM Ventures and Gobi Partners. These firms add to the already established lineup of backers from the Series A funding round which included Coinbase Ventures, Pantera Capital, and Blockchain.com as investors.
In an interview with TechCrunch, Amber’s co-founder and CEO Michael Wu stated, “Many of the new investors which came in this round provide great breadth in terms of perspective, having seen many high-growth companies in fast evolving industries go from 0 to 1, and 1 to 100.”
Wu went on to state: “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.”
Amber Group launched their mobile app, ‘Amber App’, to deliver users a breadth of investment tools to achieve optimal returns on their investments. The launch has seen resounding success with the number of registered users increasing four-fold since December 2020 to over 100,000.
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