Copy link
Increase text size
Decrease text size
Link copied

Crypto finance firm Amber raises $28M in Series A funding

Image by Amber

Wed, 19 Feb 2020, 05:02 am UTC

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.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $6,868.54 (+1.64%)
  • Ethereum (ETH) $145.65 (+2.31%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $239.10 (+1.17%)
  • Bitcoin SV (BSV) $179.18 (+0.27%)
  • Bitcoin (BTC) $6,868.54 (+1.64%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft