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Crypto-finance company Amber Group valued at $1B following $100M raise

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Cryptocurrency funding platform Amber Group has added $100 million to its coffers following a profitable Sequence B fundraiser, bringing its whole pre-money valuation to $1 billion — a serious milestone for the agency because it enters its fourth yr of operations. 

The money injection will likely be used to “expand global operations to meet client demand and develop market solutions for the world’s leading crypto investors and companies,” co-founder and CEO Michael Wu mentioned.

Measures of commerce quantity and whole belongings below administration showcase Amber Group’s important progress over the previous 4 years. The company now has over $1 billion in belongings below administration, with greater than $500 billion value of cumulative commerce volumes.

“We’ve had record months over the past quarter across both client flow and on-exchange market-making volumes,” Wu mentioned, including:

“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.”

By way of notional commerce quantity, Amber Group ranks twenty first amongst international exchanges, in accordance to BitMEX information.

Amber’s belongings topped $530 million in 2020, representing a 275% improve from the prior yr. On the time, Wu instructed Cointelegraph that his company has “already proven we can provide institutional-grade integrated crypto financial services.”

Along with its Sequence B backers, Amber Group has acquired direct funding from a few of blockchain’s largest enterprise funds, together with Pantera Capital, Coinbase Ventures and Blockchain.com.

Associated: Monetary advisers lead the institutional push towards crypto adoption

Enterprise funds have poured billions of {dollars} into the crypto financial system over the previous six months, highlighting their conviction within the new asset class. Simply this month, Solana Labs finalized a $314 million personal token sale, PayPal and Salesforce contributed $14 million to TRM Labs and DeFi trade dYdX raised $65 million by way of a Sequence C fundraiser.

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