Cryptocurrency funding platform Amber Workforce has added $100 million to its coffers following a a success Sequence B fundraiser, bringing its overall pre-money valuation to $1 billion — a significant milestone for the company because it enters its fourth yr of operations.
The money injection shall be used to “make bigger international operations to satisfy consumer call for and expand marketplace answers for the sector’s main crypto buyers and corporations,” co-founder and CEO Michael Wu mentioned.
Measures of business quantity and overall property beneath control exhibit Amber Workforce’s important expansion over the last 4 years. The corporate now has over $1 billion in property beneath control, with greater than $500 billion price of cumulative business volumes.
“We’ve had report months over the last quarter throughout each consumer glide and on-exchange market-making volumes,” Wu mentioned, including:
“Since stepping up our on-screen presence, we now account for 2-3% of overall buying and selling volumes in primary spot and by-product markets and are proceeding to peer expansion. Our cumulative buying and selling volumes have doubled from $250 billion because the starting of the yr to over $500 billion.”
Relating to notional business quantity, Amber Workforce ranks twenty first amongst international exchanges, in accordance to BitMEX information.
Amber’s property crowned $530 million in 2020, representing a 275% building up from the prior yr. On the time, Wu advised Cointelegraph that his corporate has “already confirmed we will be able to supply institutional-grade built-in crypto monetary services and products.”
Along with its Sequence B backers, Amber Workforce has won direct investment from a few of blockchain’s largest mission budget, together with Pantera Capital, Coinbase Ventures and Blockchain.com.
Challenge budget have poured billions of greenbacks into the crypto financial system over the last six months, highlighting their conviction within the new asset magnificence. Simply this month, Solana Labs finalized a $314 million non-public token sale, PayPal and Salesforce contributed $14 million to TRM Labs and DeFi substitute dYdX raised $65 million via a Sequence C fundraiser.