фото показано с : invezz.com

Amber Group, a Hong Kong-based crypto financial services company has hit a valuation of $1.00 billion (£0.72 billion). A report unveiled this news on June 20, noting that the firm reached this milestone after securing $100.00 million (£72.00 million) in its Series B funding round. Reportedly, China Renaissance, an investment bank, led this funding round. 

According to the report, the startup also attracted investments from New York-based Tiger Investment Management and Arena Global, among other leading VCs. On top of this, Amber Group also got more investments from its existing investors, which include Coinbase’s venture arm, Coinbase Ventures. 

Per Amber Group’s CEO, Michael Wu, the company will use the newly obtained funds to hire new employees and make strategic acquisitions in a plethora of areas, including cybersecurity. He added that the company is also looking to acquire firms that have regulatory licenses. In so doing, Wu believes Amber Group will have a good shot at expanding into new markets.

Although crypto regulation continues proving a significant challenge for most players in the industry, Wu believes Amber Group’s conservative approach on this matter will help it overcome the toughest of regulations. The company tries to stay ahead by ensuring it is conversant with regulations in different jurisdictions.  

This news comes after Amber Group unveiled that it had just surpassed $1.00 billion in assets under management (AUM). At the time, the platform had 100,000 active users, with 500 being institutional clients. The company’s app also gained more than $390 in assets within January and February this year. While these figures seem negligible when compared to those of firms such as Coinbase, which has 43 million users, the company is steadily climbing the ranks.

With a goal to net $500 million in revenue at the end of 2021, Amber Group takes user deposits and lends at a specified interest fee. Per Wu, this fee accounts for between 70% and 80% of the company’s revenue, and approximately 15% comes from trading fees. 

Taking a different approach from conventional crypto exchanges, the firm seeks to offer every user a private banking experience. To achieve this, it encourages customers to take long-term positions on crypto instead of engaging in speculation and the high use of leverage. In so doing, the company helps its users focus on risk management while getting stable and attractive incomes.

The post Hong Kong-based Amber Group hits a $1B valuation after fresh funding appeared first on Invezz.

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