Crypto investment platform Amber Group raised $100 million in funding and is valued at $1 billion, reaching an important milestone!

Cryptocurrency investment platform Amber Group has added $100 million to its coffers after successfully completing its Series B funding round, bringing its total valuation to $1 billion, marking a major milestone for the company.

The Series B round was led by China Renaissance Capital, with participation from a number of crypto venture capital funds, including Tiger Brokers, Tiger Global Management, Arena Holdings, DCM Ventures and Gobi Partners.

The Hong Kong-based company now provides trading and asset management services to 500 institutional clients, including family offices, funds and high net worth individuals. In addition to retail applications, Amber Group also provides customized investment products such as Yield Boost, an options contract that allows users to buy low or sell high in cryptocurrencies using customized parameters.

The cash infusion will be used to “expand global operations to meet customer needs and develop market solutions for the world’s leading crypto investors and companies,” said co-founder and CEO Michael Wu.

Trading volume and total assets under management show Amber Group’s significant growth over the past four years. The company currently manages over $1 billion in assets and has accumulated over $500 billion in trading volume.

“In the past quarter, we have achieved record client traffic and on-site market-making volumes,” Wu said, adding:

“We now account for 2%-3% of total trading volume in major spot and derivatives markets, and we are continuing to grow. Since the beginning of the year, our cumulative trading volume has doubled from $250 billion to more than $500 billion.”

According to BitMEX, Amber Group ranks 21st among global exchanges in terms of trading volume.

Amber Group’s assets reached $530 million in 2020, up 275% from the previous year. At the time, Wu said his company had “proven that we can provide institutional-grade comprehensive crypto financial services.”

In addition to the Series B round, Amber Group has received direct funding from some of blockchain’s largest venture funds, including Pantera Capital, Coinbase Ventures, and Blockchain.com.

Over the past six months, venture funds have poured billions of dollars into the cryptoeconomy, underscoring their confidence in this new asset class. Just this month, Solana Labs completed a $314 million private token sale, PayPal and Salesforce donated $14 million to TRM Labs, and DeFi exchange dYdX raised $65 million in a Series C round.

Michael Wu once said that Bitcoin will still experience price fluctuations, but it is not a bubble.