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The Series B funding round was led by China Renaissance, with participation from several crypto venture funds, including Tiger Brokers, Tiger Global Management, Arena Holdings, DCM Ventures and Gobi Partners.
Cryptocurrency investment platform Amber Group has added $100 million to its coffers following a successful Series B fundraiser, bringing its total pre-money valuation to $1 billion â a major milestone for the firm as it enters its fourth year of operations.Â
The cash injection will be used to âexpand global operations to meet client demand and develop market solutions for the worldâs leading crypto investors and companies,â co-founder and CEO Michael Wu said.
Measures of trade volume and total assets under management showcase Amber Groupâs significant growth over the past four years. The company now has over $1 billion in assets under management, with more than $500 billion worth of cumulative trade volumes.
âWeâve had record months over the past quarter across both client flow and on-exchange market-making volumes,â Wu said, adding:
âSince 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.â
In terms of notional trade volume, Amber Group ranks 21st among global exchanges, according to BitMEX data.
Amberâs assets topped $530 million in 2020, representing a 275% increase from the prior year. At the time, Wu told Cointelegraph that his company has âalready proven we can provide institutional-grade integrated crypto financial services.â
In addition to its Series B backers, Amber Group has received direct funding from some of blockchainâs biggest venture funds, including Pantera Capital, Coinbase Ventures and Blockchain.com.
Related: Financial advisers lead the institutional push toward crypto adoption
Venture funds have poured billions of dollars into the crypto economy over the past six months, highlighting their conviction in the new asset class. Just this month, Solana Labs finalized a $314 million private token sale, PayPal and Salesforce contributed $14 million to TRM Labs and DeFi exchange dYdX raised $65 million through a Series C fundraiser.
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