Crypto financial services firm Amber Group has raised $100 million in a Series B round led by Chinese investment firm China Renaissance. The firm scored a pre-money valuation of $1 billion, Amber said Sunday.
- With operations in Hong Kong, Taipei, Seoul and Vancouver, Amber Group said it plans to use the funding to expand its global operations.
- The firm offers algorithmic trading, high-frequency trading and over-the-counter trading to a deep roster of 500 institutional clients, the firm said in April.
- At the time, Amber boasted $1 billion in assets under management, though crypto prices have dipped since then.
- “We’ve had record months over the past quarter across both client flow and on-exchange market-making volumes,” Amber Group CEO Michael Wu said in a press release. “Our cumulative trading volumes have doubled from $250 billion since the beginning of the year to over $500 billion.”
- Participants in the Series B include Tiger Brokers, Tiger Global Management, Arena Holdings, Tru Arrow Partners, Sky9 Capital, DCM Ventures and Gobi Partners.
- Existing investors Pantera Capital, Coinbase Ventures and Blockchain.com also joined in.
- Amber Group raised a $28 million Series A in early 2020.
Read more: Crypto Investment Platform Amber Hits $1B AUM