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.
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.
“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.