Crypto Firm Amber Group Achieves Unicorn Status With $100M Final Funding

Amber Group, a Hong Kong-based cryptocurrency financial services firm, has raised $100 million in a Series B round led by investment bank China Renaissance. Other high-profile lenders, including Tiger Global Management, DCM Venture, and existing investors Coinbase and Pantera Capital, joined the round as Amber Group gained unicorn status with a $1 billion pre-valuation. The most recent valuation is ten times the startup's $28 million Series A funding round in February 2020. Amber Group was founded by a team of former Morgan Stanley traders and is based in Hong Kong, Taipei, Seoul. and Vancouver. The company plans to use the new capital to recruit new talent and expand its geographic reach worldwide. Initially, Amber Group worked on a technology that applied machine learning algorithms to quantitative trading. The company targeted digital assets in 2017, when the price of Bitcoin first reached $20,000, accelerating overall market growth. Currently, Amber Group serves nearly 500 corporate clients and high-net-worth individuals and provides them with a range of products including algorithmic and high-frequency trading, electronic execution, over-the-counter (OTC) trading and lending services. The platform supports trading Bitcoin (BTC) and Ethereum (ETH), as well as stablecoins such as Tether's USDT and Circle's USDC. Rather than allowing clients to trade on their own, the startup takes their deposits for an interest rate and acts as the trade manager. According to the company, it has approximately $1.5 billion in assets under management. Amber Group CEO Michael Wu said the company's cumulative trading volume has more than doubled from $250 billion to over $500 billion since the start of the year. Chief Financial Officer Tiantian Ulder claims that the company has been profitable since day one, with a net margin of over 60%. He said this was mainly due to Amber Group's market.

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