AIBC

Crypto unicorn prances after $100 million funding round

Posted:: Jun 22, 2021 11:11 Category: Asia , Fintech , Posted by Kevin

The four-year-old crypto service provider Amber Group has reached a worth of $1 billion

No matter the drawbacks and price dips, crypto is alive and well, breathing through the emergence of new start-ups, and recently, another unicorn. The Amber Group, a financial crypto service provider based in Hong Kong, has now completed their series B funding round, gathering a total of $100 million, propelling the company to a total worth of a billion Dollars. The firm manages a sum of $1.5 billion in crypto assets and has seen its largest growth in just the past year.

The series B round was most notably led by China Renaissance and the returning investors Coinbase, Blockchain.com and Pantera.

For the most part, the newly won capital to be used to fill the 100 vacant positions across the world to expand on their formidable team of 340 worders, mostly in Hong Kong, Europe, the US and Canada, with an eye on a potential expansion to South America.

Unsurprisingly, CEO Michael Wu did not foresee such a rapid success story. According to Forbes, Wu made the following statement on the overwhelming developments:

MichaelWu_AmberGroup_viaLinkedIn-1 Our fundraising was never really about raising the capital. In 2019 when we did our series A, it was about bringing institutional partners like Coinbase, like Paradigm, to help us scale. This time again it’s about bringing these institutional partners China Renaissance, Tiger, Pantera, Coinbase, to help us first scale, to utilize their expertise, their resources and their brand to help us attract the best talents to bring our brand to the global customers.

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