Amber Group, the cryptocurrency investment platform, has added $100 million to its coffers after a successful Series B fundraiser.
Michael Wu, the co-founder and CEO of Amber Group, said:
“The cash injection will be used to expand global operations to meet client demand and develop market solutions for the world’s leading crypto investors and companies.”
It has been reported that measures of trade volume and total assets under management showcase Amber Group’s significant growth over the past four years.
However, the company now has over $1 billion in assets under management, with more than $500 billion worth of cumulative trade volumes.
“We’ve had record months over the past quarter across both client flow and on-exchange market-making volumes.”
“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.”
According to BitMEX data, Amber Group ranks 21st among global exchanges in terms of notional trade volume. Amber’s assets topped $530 million in 2020, representing a 275% increase from the prior year.
Wu said that his company has “already proven we can provide institutional-grade integrated crypto financial services.” In addition to its Series B backers, Amber Group has received direct funding from some of blockchain’s biggest venture funds, including Pantera Capital, Coinbase Ventures, and Blockchain.com.
Thus, venture funds have poured billions of dollars into the crypto-economy over the past six months by highlighting their conviction in the new asset class.