Crypto startup Amber Group hits $1 billion valuation on fresh fundraising, as famed hedge fund Tiger Global joins Coinbase as backer

Crypto startup Amber Group hits $1 billion valuation on fresh fundraising, as famed hedge fund Tiger Global joins Coinbase as backer

Crypto investment startup Amber Group has hit a $1 billion valuation after a $100 million fundraising round that saw famed hedge fund Tiger Global Management invest in the -backed company. The round was led by Chinese bank China Renaissance, while Tiger Brokers, Arena Holdings and DCM Ventures also injected money, Hong Kong-based Amber Group said on Sunday. Amber Group is now worth more than 10 times what it was in 2019, when the company raised $28 million at a $100 million valuation. Its $1 billion valuation makes it a so-called . The startup said it's expanding its operations globally to bring its crypto financial services to more customers around the world. Founded in 2017 by a group of ex-Morgan Stanley traders, Amber Group provides institutional investors with a range of ways to get involved in the crypto world. It offers trading, lending and asset management products, among others. Between 70% and 80% of Amber's revenue comes from the spread between the company's deposits and loans, , while around 15% comes from trading fees. The fundraising round is the latest sign of institutional interest in the crypto space, which is continuing despite the in the bitcoin price. Tiger Global, which earned