A startup cryptocurrency finance Amber Group has two good reasons to celebrate. This Monday (21), the company has just announced the capture $100 million in a Series B funding round. And with the amount raised, the Hong Kong-based startup reaches a market valuation of $1 billion.
The investment was led by investment bank China Renaissance and had the participation of other high profile players, such as Tiger Global Management, Tiger Brokers, Arena Holdings, Tru Arrow Partners, Sky9 Capital, DCM Ventures, Gobi Partners and Coinbase investors, which support the Amber Group.
“Many of the new investors that have come in this round offer great breadth in terms of perspective, having seen many high-growth companies in fast-moving sectors going from 0 to 1 and 1 to 100,” said Amber co-founder and CEO Michael Wu.
With the investment raised, the Amber Group is now valued at $1 billion in just over four years in business. Founded in 2017, the startup operated with algorithms for machine learning for quantitative negotiations, but in the same year it began to focus its operations on negotiations of criptomoedas. A big hit.
This is because, since then, the universe of cryptoactives has grown wildly and has been adopted by most investors. No wonder venture capital investments in startups and block chains cryptocurrencies totaled $14 billion in the second quarter of 2021 alone, according to data from PitchBook. On the other hand, contributions in the same period last year were “only” US$ 600 million.
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The amount raised by the Amber Group reinforces the startup's firepower in search of further growth in the market. And Wu doesn't hide what the next steps should be: the contribution will be used for "more aggressive hiring" and strategic acquisitions in areas such as cyber security.
Purchases of companies that have regulatory licenses in certain jurisdictions are also studied, given that there is no single regulation of control over assets - which can vary according to location -, which makes regulatory issues increasingly debated by global markets.
In addition, the investments made and the startup's good momentum reinforce the prospect of good horizons for Amber Group. The company projects revenue of $500 million by the end of 2021, which should boost its reach and operations in the cryptocurrency universe.
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