Crypto-finance firm Amber Group valued at $1B following $100M elevate



Cryptocurrency funding platform Amber Group has added $100 million to its coffers following a profitable Collection B fundraiser, bringing its whole pre-money valuation to $1 billion — a significant milestone for the agency because it enters its fourth yr of operations. 

The money injection might be used to “broaden world operations to fulfill consumer demand and develop market options for the world’s main crypto buyers and corporations,” co-founder and CEO Michael Wu mentioned.

Measures of commerce quantity and whole property underneath administration showcase Amber Group’s important progress over the previous 4 years. The corporate now has over $1 billion in property underneath administration, with greater than $500 billion price of cumulative commerce volumes.

“We’ve had file months over the previous quarter throughout each consumer circulate and on-exchange market-making volumes,” Wu mentioned, including:

“Since stepping up our on-screen presence, we now account for 2-3% of whole buying and selling volumes in main spot and spinoff markets and are persevering with to see progress. Our cumulative buying and selling volumes have doubled from $250 billion because the starting of the yr to over $500 billion.”

When it comes to notional commerce quantity, Amber Group ranks 21st amongst world exchanges, according to BitMEX knowledge.

Amber’s assets topped $530 million in 2020, representing a 275% improve from the prior yr. On the time, Wu informed Cointelegraph that his firm has “already confirmed we are able to present institutional-grade built-in crypto monetary companies.”

Along with its Collection B backers, Amber Group has obtained direct funding from a few of blockchain’s greatest enterprise funds, together with Pantera Capital, Coinbase Ventures and Blockchain.com.

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Enterprise funds have poured billions of {dollars} into the crypto economic system over the previous six months, highlighting their conviction within the new asset class. Simply this month, Solana Labs finalized a $314 million private token sale, PayPal and Salesforce contributed $14 million to TRM Labs and DeFi trade dYdX raised $65 million by means of a Collection C fundraiser.