With the fresh funding, the crypto company’s valuation has soared to $1 billion, up tenfold from its Series A round in2019 when it raised $28 million from US hedge fund Pantera Capital, Paradigm, Polychain, Coinbase and Dragonfly.
Amber’s latest round was joined by new investors including Tiger Global Management, Tiger Broker, Arena Holdings Management, DCM Ventures, Gobi Partners, Tru Arrow Partners and Sky9 Capital.
Existing investors such as blockchain services platform Blockchain.com, Pantera Capital and Coinbase Ventures, an investment arm of Coinbase that aims to invest in early-stage cryptocurrency and blockchain startups, also re-upped in the round.
“With this new capital from strategic investors, Amber Group will continue to expand global operations to meet client demand and develop market solutions for the world’s leading crypto investors and companies,” said Amber Group co-founder and CEO Michael Wu in a statement.
With a presence in Hong Kong, Taipei, Seoul and Vancouver, Amber Group offers solutions including principal algorithmic trading, electronic market-making, high-frequency trading, OTC trading, borrowing and lending and derivatives.
Since its establishment in 2017 by former Morgan Stanley traders, it claims to have served over 500 institutional clients comprising family offices, funds and high-net-worth individuals, with its cumulative trading volume reaching over $500 billion.
Other peers who recently made headlines include Babel Finance, which raised $40 million from Sequoia Capital China, Zoo Capital and Dragonfly Capital last month, and Matrixport, which is raising a new funding round.