Amber Group Raises $100 Million in Series B
- Amber Group will use the fresh capital to expand global operations.
- The company might also acquire companies with regulatory licenses in certain jurisdictions.
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China Renaissance, an investment bank from mainland China, led the $100 million Series B funding round, which saw participation from other high-profile investors such as Tiger Global Management, Arena Holdings, DCM Ventures, and Gobi Partners. Coinbase’s venture arm previously backed the company and has participated in the round as well.
Amber Group began with an algorithmic trading and lending product offering to institutional investors, but has since diversified and now offers investors many different cryptocurrency products to invest in. Amber Group CEO Michael Wu told CNBC the company wants to bring a “private banking experience to the everyday customer.”
According to Wu, the company is set to reach revenue of $500 million by the end of the year, and has been profitable since its inception in 2017. Between 70% and 80% of its revenue comes from lending, while around 15% comes from trading fees.
Wu said the investment will be used to hire more employees and make strategic investments in areas such as cybersecurity. He revealed that Amber Group was looking to acquire smaller companies with regulatory licenses in certain jurisdictions, allowing it to enter new markets with ease.
- A little over $13 million in altcoins were sent to crypto exchanges Binance and Coinbase in the past 24 hours, which is in accordance with a September court order.
- The court ordered a phased liquidation process, which allows the bankruptcy estate to sell $3.4 billion worth of digital assets over a certain period of time.
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- Coinbase’s Base blockchain was made available to the public on Wednesday, featuring over 100 dApps and services as part of its ecosystem.
- In order to show its capabilities and promote its mainnet partners, Base has also launched an event called “Onchain Summer” that will allow users to mint exclusive NFTs on the network.
- During an interview with FT, CEO Brian Armstrong said that before the lawsuit a SEC staff member had said that all crypto except BTC was security, and should be delisted.
- When asked how he came to that conclusion, the SEC staff member reportedly said “we’re not going to explain it to you, you need to delist every asset other that Bitcoin”.