Hong Kong-based Amber Group has just closed a Series B round of funding, bringing its valuation to a whopping $3.5 billion. With this new funding, it plans to develop its subsidiaries Whalefin and Openverse, but also to expand into the United States and Europe. According to its CEO, Amber Group will play a crucial role in the development of a digital future.
Amber Group valued at $3.5 billion
Hong Kong-based cryptocurrency company Amber Group has just closed a Series B funding round, raising its valuation to $3.5 billion. This time, $200 million was raised, twice as much as the amount raised last June.
Led by the Singaporean investment fund Temasek, this round of financing was joined by other groups such as Pantera Capital, Sequoia China, Coinbase Ventures, True Arrow Partners and Tiger Global Management.
To date, a total of $328 million has been raised for the firm through only 3 rounds of financing. For Michael Wu, CEO of Amber Group, the future will be digital:
“At Amber Group, we want to do more than just enable the adoption of digital assets among the general public. We want to help create a digital future where these assets give people the opportunity to shape a better world for everyone.” He adds, “We are proud to have the support of our investors who not only share this vision, but also give us their capital and confidence to make it happen.”
The company wants to expand its services in Europe
According to Amber Group’s CEO, another round of financing should arrive by the end of the year, which will probably take place in the United States. This would make sense since he himself had expressed the desire to expand into America in an interview in 2020.
Amber Group also wants to take advantage of this new capital injection to recruit employees across Europe. In fact, the company is currently awaiting regulatory approvals from financial authorities in Switzerland, the United Kingdom, Australia and Japan.
In a bid to expand its full range of services, Amber Group will also develop its various subsidiaries. At the end of 2021, it launched “Whalefin”, a platform for buying, trading and staking crypto-currencies. It also plans to expand the services offered by Openverse, its branch focused on digital content creators.
“Since we’ve strengthened our screen presence, we represent 2-3% of total trading volume on major spot markets and financial derivatives, and we continue to grow. Our total trading volume has doubled from $250 billion at the beginning of the year to over $500 billion,”said Michael Wu.
With over $1 trillion in cumulative trading volume, a valuation that has tripled in just over a year, and the fresh launch of its Whalefin platform, Amber Group looks set to make a name for itself in the blockchain world.