- Amber Group raised $100 million in a recent Series B funding round
- The firm is now worth over $1 billion making it a crypto-unicorn
- Also, the funding round drew interest from several mainstream VCs
Hong Kong-based crypto startup Amber Group is now a crypto unicorn after breaching the $1 billion valuation mark. The firm achieved this after raising an additional $100 million in a recent funding round.
The Series B round was led by China Renaissance and drew interest from several crypto VCs. Other round participants include Tiger Brokers, Tiger Global Management, Arena Holdings, and more.
Prior to that, the firm also received additional funding from backers like Pantera Capital, Coinbase Ventures, and Blockchain.com.
The crypto-finance company aims to use the funds to expand its operations to meet growing client demand. Also, the funding will be used to develop market solutions for crypto investors and companies. Presently, the four-year-old firm has over $1 billion in assets under management with over $500 billion in total cumulative trade volume.
Amber Group co-founder and CEO Michael Wu said,
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.
Becoming a Crypto-Unicorn
Wu added that the firm has had record-breaking months in the last quarter. Both in terms of client flow and on-exchange market-making volumes. In addition, Amber Group now ranks 21st among global crypto exchanges in terms of notional trade volume.
The Series B funding round marks the growing number of mainstream venture capitals investing in crypto. In fact, the $500 million fund value is a marked rise from Amber Group’s $28 million Series A round in 2019. The trend has grown recently despite current market volatility and uncertainty.
Specifically, the crypto market has been in turmoil over the Bitcoin death cross which finally formed a few days ago. Although the impact of the lagging pattern is yet to be determined, some analysts say there is no need to fear.