Amber Group, a Hong Kong-based crypto trading startup, has hit a $1 billion valuation after securing its latest round of funding. The crypto investment platform said that it has raised $100 million in a Series B funding round, at a pre-money valuation of $1 billion.
A number of high profile financial and venture capital firms took part in the series B funding, with investment bank, China Renaissance, leading the round. Other participating firms included: Tiger Global Management, Arena Holdings, Tru Arrow Partners, Sky9 Capital, DCM Ventures, and Gobi Partners.
The latest cash injection is set to be used for global expansion to meet client demand. Amber Group currently has more than 330 employees around the world, with locations including Hong Kong, Taipei, Seoul, and Vancouver.
According to the company’s CEO, the crypto start up has had record months over the past quarter, across both client flow and on-exchange market-making volumes.
“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.” Said co-founder and CEO, Michael Wu.
Interest in cryptocurrencies, specifically Bitcoin, has boomed over the past year, as many institutional investors and large companies are showing keen interest.
In addition to Amber’s recent investors, the firm has received funding from some of the world’s biggest blockchain venture funds, including Pantera Capital, Coinbase Ventures, and Blockchain.com.
Feature image by Business Herald from flickr