Amber Group valued at $1B following $100M raise in Series B funding

Amber Group has raised $100 million in a Series B round, bringing its total pre-money valuation to $1 billion, a major milestone for the firm as it enters its fourth year of operations.

Amber Group valued at $1B following $100M raise in Series B funding

The funds will be used to expand global operations in order to meet client demand and develop market solutions for the world’s leading crypto investors and companies, co-founder and CEO Michael Wu said.

The crypto investment company now has over $1 billion in AUM, with more than $500 billion worth of cumulative trade volumes.

In addition to its Series B backers, Amber Group has received direct funding from some of blockchain’s biggest venture funds, including Pantera Capital, Coinbase Ventures, and Blockchain.com.

Read: Crypto.com Capital made strategic investment in multichain NFT marketplace

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

Amber Group ranks 21st among global exchanges in terms of notional trade volume, according to BitMEX data. The firm’s assets topped $530 million in 2020, representing a 275% increase from the prior year.