Amber Group, a Hong Kong-based startup, has raked in $28 million in Series A funding round led by Paradigm and Pantera Capital along with Blockchain.com, Polychain Capital, Coinbase Ventures and Fenbushi Capital. The existing investor Dragonfly Capital also took part in the funding. With this fund, Amber is planning to scale up its operations to fulfill its clients’ demands. Moreover, it will be used to add some new features on its platform soon. As per a report published in Forbes, the latest round of funding has now brought Amber Group’s valuation to $100 million which is seen as a remarkable milestone for the startup. Amber caught everyone’s attention when the crypto bull market was at the peak in 2017 and its founders shifted from trading Chinese stocks and securities to trading crypto.
“As the sector has seen much change in the past a few years, we still have to go a long way and work to do in a way to meet the burgeoning demands of clients in a fragmented market. We were excited to associate with some of the world’s leading investors and crypto firms to speed up our mission of reinforcing the crypto finance ecosystem,” said Michael Wu, Amber Group CEO. Amber provides clients services such as crypto-based electronic market-making, collateralized leading, automated over-the-counter trading. Its clients are majorly from exchanges, mining companies and pools, wallets, and hedge funds, as the firm has announced. The company, since then, has not only continued yielding a healthy course through bull and bear markets but also kept on expanding its offering to its clients and will get even better with the latest investment. “What makes us feel proud whenever we invest in companies is to see them doing something better than we can ourselves. Amber exceptionally improved our electronic execution across a broad spectrum of assets,” said Dan Morehead, founder, and CEO of Pantera Capital.