Crypto financial services firm Amber Group has raised $100 million in a Series B round led by Chinese investment firm China Renaissance. The firm scored a pre-money valuation of $1 billion, Amber said Sunday.
With operations in Hong Kong, Taipei, Seoul and Vancouver, Amber Group said it plans to use the funding to expand its global operations.
The firm offers algorithmic trading, high-frequency trading and over-the-counter trading to a deep roster of 500 institutional clients, the firm said in April.
At the time, Amber boasted $1 billion in assets under management, though crypto prices have dipped since then.
“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 press release. “Our cumulative trading volumes have doubled from $250 billion since the beginning of the year to over $500 billion.”
Participants in the Series B include Tiger Brokers, Tiger Global Management, Arena Holdings, Tru Arrow Partners, Sky9 Capital, DCM Ventures and Gobi Partners.
Existing investors Pantera Capital, Coinbase Ventures and Blockchain.com also joined in.
Amber Group raised a $28 million Series A in early 2020.