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Venture capitalists are still pouring hundreds of millions into the crypto infrastructure, anticipating the whole nascent industry to grow despite the recent sharp correction in the marketplace.
Many people continue to invest in cryptocurrencies regardless of the industry downturn
Many mainstream venture capital companies are leaping into the crypto race as investors increasingly see bitcoin as an investable asset, regardless of the current massive price drops of many cryptocurrencies. big.
Amber Group (AG), an Asian crypto market and technology firm, is now the most recent example of this trend and the most recent crypto unicorn, or business, to reach a $1 billion coin evaluation. . It comes after AG increased $100 million in an Series B fund, directed by China Renaissance, with involvement from Tiger Brokers, Tiger Global Management and other new investors. )
The latest valuation is ten times greater than the business’s Series A closed in 2019, a $28 million around that depended Coinbase Ventures as one of its shareholders. Also noteworthy, Amber’s Series B funding is financed by a listing of prominent VCs and fund companies, such as China Renaissance, the round leader, and Tiger Brokers, Tiger Global Management, Arena Holdings, Tru Arrow Partners, Sky9 Capital, DCM Ventures and Gobi Partners.
Its existing shareholders, such as Pantera Capital, Coinbase Ventures, and Blockchain.com also participated in the round.
In May, Babel Finance, another crypto asset manager based in Hong Kong, received $40 million in financing from numerous big-name institutional investors, including investors. Tiger Global by Amber.
Cryptocurrency Financing Startup Amber Group Raises $100 Million at $1 Billion Valuation
In 2019, AG said it raised $28 million in a $100 million valuation.
The company currently has offices in Hong Kong, Taipei, Seoul and Vancouver, and plans to expand its operations internationally, creating new, unspecified “market solutions”.
According to Michael Wu, Co-Founder and CEO of Amber Group, the company now accounts for 2%-3% of the total trading volume in the spot and derivatives markets while their accumulative trading volume has risen doubled from $250 billion since the start of the year to over $500 billion.
“We have been profitable since our inception and with growing sales across all lines of business, we are currently hitting $500 million in annual sales based on January through April figures. 2021,” Wu was quoted as saying in a statement.
Founded in 2017, Amber Group provides both retail and institutional investors mainstream algorithmic trading, digital market creation, higher frequency trading, over-the-counter trading, lending and borrowing. loans, derivatives and other structured products. The company claims it has over 100,000 registered users of the Amber App, starting in Q3 2020.
The company says it has more than 330 employees, and in the coming months, AG will announce more of its group, largely from traditional financial and technology companies such as banks and startups. market making.
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