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Cryptocurrency investment platform Amber Group added $ 100 million to its coffers following a successful Series B fundraiser, bringing its total valuation before silver to $ 1 billion, an important milestone for the company as it enters its fourth year of operation.
The cash injection will be used to expand global operations to meet customer demand and develop market solutions for the world’s leading crypto investors and companies, said co-founder and CEO Michael Wu.
Measures of trade volume and total assets under management highlight the significant growth of Amber Group over the past four years. The company now manages more than $ 1 billion in assets under management, with more than $ 500 billion in cumulative trading volumes.
We had record months in the last quarter in terms of customer flow and market making volumes on the stock exchange, Wu said, adding:
Since we increased our screen presence, we now represent 2-3% of total trading volume in major cash and derivatives markets and continue to grow. Our cumulative transaction volumes have doubled from $ 250 billion year-to-date to over $ 500 billion.
In terms of notional trade volume, Amber Group ranks 21st among global exchanges, according to BitMEX data.
Ambers’ assets exceeded $ 530 million in 2020, an increase of 275% from the previous year. At the time, Wu told Cointelegraph that his company had already proven that we can deliver institutional grade, integrated crypto financial services.
In addition to its Series B backers, Amber Group has received direct funding from some of the largest blockchain venture capital funds, including Pantera Capital, Coinbase Ventures, and Blockchain.com.
Related: Financial Advisors Lead Institutional Push Towards Crypto Adoption
Venture capital funds have invested billions of dollars in the crypto economy over the past six months, underscoring their belief in the new asset class. This month, Solana Labs finalized a $ 314 million private token sale, PayPal and Salesforce contributed $ 14 million to TRM Labs, and the DeFi exchange dYdX raised $ 65 million through a fundraiser from series C.
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