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Hong Kong and Shenzhen-based crypto finance firm Amber Group has raised $28 million in Series A funding co-led by Paradigm and Pantera, The Block reported.
Coinbase Ventures, Fenbushi Capital, Polychain Capital, and Blockchain.com also participated in the round, joining existing investor Dragonfly Capital.
Amber is focused on helping clients buy and sell cryptocurrency products, earn yield, manage risk and access liquidity. It plans to use the funds to expand its operations to meet client demand and introduce new features to its platform, CoinDesk reported.
“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,” said Michael Wu, Amber Group CEO. “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.''
In 2015, five investment traders from Morgan Stanley and an engineer from Bloomberg started working on a side project, which was officially launched as Amber in 2018. Amber co-founder Tiantian Kullander told The Block that the company started making profits in the second month of its operation.
Amber offers integrated secondary market services, brining together market-making, over-the-counter (OTC) trading, electronic sales trading, lending, treasury management, and other trading services in one place.
Within just six months, the firm has generated $100 million in loans. Kullander said that Amber has $60 million in outstanding loans with 150% in quarterly growth.
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