HK crypto trader Amber becomes unicorn after $100m Series B round

Photo by Andre Francois on Unsplash

Hong Kong-based crypto trading and technology firm Amber Group on Sunday announced it has raised $100 million in a Series B round of financing led by private equity firm China Renaissance. 

With the fresh funding, the crypto company’s valuation has soared to $1 billion, up tenfold from its Series A round in 2019 when it raised $28 million from US hedge fund Pantera Capital, Paradigm, Polychain, Coinbase and Dragonfly. 

Amber’s latest round was joined by new investors including Tiger Global Management, Tiger Broker, Arena Holdings Management, DCM Ventures, Gobi Partners, Tru Arrow Partners and Sky9 Capital. 

Existing investors such as blockchain services platform Blockchain.com, Pantera Capital and Coinbase Ventures, an investment arm of Coinbase that aims to invest in early-stage cryptocurrency and blockchain startups, also re-upped in the round.

“With this new capital from strategic investors, Amber Group will continue to expand global operations to meet client demand and develop market solutions for the world’s leading crypto investors and companies,” said Amber Group co-founder and CEO Michael Wu in a statement. 

With a presence in Hong Kong, Taipei, Seoul and Vancouver, Amber Group offers solutions including principal algorithmic trading, electronic market-making, high-frequency trading, OTC trading, borrowing and lending and derivatives. 

Since its establishment in 2017 by former Morgan Stanley traders, it claims to have served over 500 institutional clients comprising family offices, funds and high-net-worth individuals, with its cumulative trading volume reaching over $500 billion.

Other peers who recently made headlines include Babel Finance, which raised $40 million from Sequoia Capital China, Zoo Capital and Dragonfly Capital last month, and Matrixport, which is raising a new funding round. 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.