Cryptocurrency trading firm Amber Group has reached unicorn status with its latest funding round of $100 million today. The Hong Kong-based firm raised money in the Series B round led by China Renaissance.
Other firms contributing to the $100 million sum included some prominent names, such as Tiger Brokers, Tiger Global Management, Arena Holdings, Tru Arrow Partners, Sky9 Capital, DCM Ventures, and Gobi Partners.
The company — backed by Coinbase in Series A investment round — caters to both individual and institutional cryptocurrency investors. However, its primary focus is to engage with wealthy investors with an aim to provide a “private banking experience to the everyday customer.” Some of its leading products are algorithmic trading, electronic market-making, and high-frequency trading.
[Read: Why entrepreneurship in emerging markets matters]
In a press release, the company’s CEO, Michael Wu, said that its “trading volumes have doubled from $250 billion since the beginning of the year to over $500 billion.” He added that the firm has been profitable since its inception, and is on track to register $500 million in revenue by the end of the year.
Cryptocurrency exchanges and service providers are in high demand in the venture capital world. According to data by Pitchbook, investors have poured in $14 billion into such firms in the second quarter of 2021. With Coinbase IPO in April, and firms reaching unicorn status, there could be more mega investments in the cryptocurrency world.
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