Hong Kong crypto finance start-up raises $28m
Amber Group, a Hong Kong-based start-up offering crypto-based financial services, has raised $28 million in a Series A round led by Paradigm and Pantera Capital.
Founded in 2018, Amber allows clients to trade and issue loans in cryptocurrencies. It also helps other start-ups raise venture financing in cryptocurrencies. It was started by four ex-Morgan Stanley traders and a Bloomberg engineer.
Other investors in the round include Blockchain.com, Coinbase Ventures and Fenbushi Capital, according to a Coindesk report shared on Amber's LinkedIn profile. The company was seeded by Dragonfly Capital. Paradigm and Pantera are both US investment firms specializing in cryptocurrency and blockchain investments.
“Our most successful investments have been when we’ve found companies doing something better than we can ourselves. Amber dramatically improved our electronic execution across a wide spectrum of assets," said Dan Morehead, Pantera's founder and CEO, in a statement.
Amber initially sought to help institutional investors spot arbitrage opportunities created by pricing differences for the same cryptocurrencies on different exchanges. It is now building a bigger technology platform to allow crypto-based financial professionals to execute more sophisticated trading strategies.
According to a Forbes report, it earned $10-20 million in revenue last year. A majority of its clients are based in Asia where the bulk of crypto-based trading is believed to take place. It claims to have a presence in Shenzhen, Seoul and Vancouver.
Binance, headquartered in Malta after previously operating in Tokyo, is the leading cryptocurrency exchange in Asia. It is now seeking to relocate to Singapore.
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