June 21, 2021
The fresh funding round values the Hong Kong-based start-up at $1 billion.
Those backing the firm were investment bank China Renaissance, which led the round with participation from other high-profile investors including New York-based Tiger Global Management. Existing investors, which includes Coinbase’s venture arm, were also involved.
Amber Group sells products to institutional investors and wealthy individuals including algorithmic trading and lending products. But it is not a crypto exchange because the company is bringing “private banking experience” to ordinary customers, said Amber Group CEO Michael Wu said the company is bringing a “private banking experience to every day customer.”
Wu says the company offers investors a number of different cryptocurrency products to invest in.
Amber Group said it is on track to book revenue of $500 million by the end of this year and has been profitable “since inception.”
While the majority of the company’s customers are institutional investors, Wu said Amber Group is making a push to gain individual investor customers.
Wu said the company is also looking to acquire others that have regulatory licenses in certain jurisdictions, which could allow Amber Group to enter new markets.
“I think regulation is always a challenge for this industry because it’s a very global industry,” Wu said. “It’s always about staying ahead, or at least staying aware of the different regulation. We always take a very conservative approach to that.”