Growth: Hong-Kong Based Crypto Firm, Amber Raises $28M in Series A

Amber Group, a crypto-focused financial services company in Hong Kong, has raised $28 million in a Series A funding round led by Paradigm and Pantera Capital, with participation from crypto-focused venture capital funds, including Polychain Capital, Blockchain.com, Coinbase Ventures, and Fenbushi Capital.

The new raise, according to a Forbes report brings the company’s valuation to $100 million which is a significant milestone for that startup that came to the limelight at the peak of the 2017 crypto bull market when the company’s founders switched from trading Chinese stocks and securities to trading crypto.

Since then, the company has not only maintained a healthy yield through bull and bear markets but also continued to expand its offering to clients and will do that even more with the new raise. At the moment, Amber’s crypto finance solutions notably cater to the needs of crypto exchanges, OTC desk providers, hedge funds, electronic-based crypto market makers, decentralized finance projects, mining pools, etc.

Michael Wu, Amber Group CEO, commented on their latest funding round:

While the industry has come a long way, there is still plenty of work to do in order to meet the growing demands of clients in a fragmented market. We’re thrilled to partner with some of the world’s leading investors and crypto companies to accelerate our mission of strengthening the crypto finance ecosystem.

With support from some of the leading investors in the crypto industry, Amber appears to be on track to continued growth as the cryptocurrency industry continues to onboard more institutional investors by offering the ideal infrastructure.

Last year, Coinfomania reported Coinbase CEO Brian Armstrong as confirming the institutional investors are investing anywhere between $200M -$400M in the crypto space every week.