This crypto startup is Asia’s newest unicorn after $100mln funding

This crypto startup is Asia’s newest unicorn after $100mln funding

Hong Kong-based crypto financial services firm Amber Group raised $100 million in a Series B round from investors, boosting its valuation to $1 billion. The latest valuation is ten times that of the company's Series A closed in 2019. Its Series B financing involved VC firms such as China Renaissance, Tiger Brokers, Tiger Global Management, Arena Holdings and DCM Ventures. Founded in 2017, Amber Group services more than 500 institutional clients and has cumulatively traded over $330 billion across more than 100 electronic exchanges, with over $1 billion in assets under management, according to the company website. "We've had record months over the past quarter across both client flow and on-exchange market-making volumes,“ Amber Group CEO Michael Wu said in a statement. "Our cumulative trading volumes have doubled from $250 billion since the beginning of the year to over $500 billion,“ he added. Amber founders Michael Wu, Tiantian Kullander, Wayne Huo, Tony He and Luke Li worked together on Morgan Stanley's fixed-income trading floor in Hong Kong, Bloomberg reported. Amber trades coins like Bitcoin and Ether and serves both institutional and individual investors. It offers customers algorithmic trading, electronic market-making, high-frequency trading and OTC trading, among other products. In 2019,