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Hong Kong-based cryptocurrency trading platform Amber Group announced that it has become a unicorn with an investment of $ 100 million. “With this new capital from strategic investors, Amber Group will continue to expand its global operations to meet customer demand and develop market solutions for the world's leading crypto investors and companies,” said Michael Wu, Co-Founder and CEO of Amber Group. .
*** This release is originally published in Turkish.
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İSTANBUL (TR) - Cryptocurrency trading is becoming more and more common all over the world. With the global cryptocurrency market cap exceeding $1.4 trillion, according to a recent study by Market Research, the global cryptocurrency market is expected to increase its volume by $2,018.48 million by 2025, with an annual growth of 7.22%. As the cryptocurrency trade grows, the support given to companies operating to develop this field is also increasing. Finally, Hong Kong-based cryptocurrency trading platform Amber Group is a Series B investment hosted by China Renaissance and attended by Tiger Brokers, Tiger Global Management, Arena Holdings, Tru Arrow Partners, Sky9 Capital, DCM Ventures and Gobi Partners. announced that it has increased its valuation to 1 billion dollars by taking an investment of 100 million dollars in its tour. The platform, which received an investment of 28 million dollars from Coin-base in the Series A investment tour made in 2019, thus became entitled to receive the unicorn title given to billion-dollar companies. “With this new capital from strategic investors, Amber Group will continue to expand its global operations to meet customer demand and develop market solutions for the world's leading crypto investors and companies,” said Michael Wu, Co-Founder and CEO of Amber Group.
Stating that as Amber Group, they serve both individuals and more than 200 institutions, including basic algorithmic trading, electronic market making, high frequency trading, OTC trading, borrowing and lending, derivatives and other structured products, Michael Wu said, “Currently BTC and we manage approximately $1.5 billion in trading capital, which varies with ETH prices. We trade cumulatively over 200 billion dollars in more than 60 electronic exchanges and reach an average daily trading volume of 100-200 million dollars. At the beginning of the 3rd quarter of 2020, we brought a new breath to the ecosystem with the Amber App, which we developed to help our users achieve optimum return on their investments. Thanks to the mobile application, we have quadrupled the number of registered users since December 2020 and exceeded 100 thousand.
Wu said, "We broke records in both customer flow and market creation volumes in the first quarter of the year. We constitute 2-3% of the total transaction volumes in the markets and continue to grow rapidly. Our cumulative transaction volume has doubled since the beginning of the year, reaching $500 billion. Our focus on product development and innovation has been the engine of our growth. We are constantly innovating our products and adding the best talent to our team to better serve our global user base. We started out with a small team of less than 10 people in 2017, and are now world-class We are a family with more than 330 members. We have also been profitable since the first day and with our increasing revenues in all business lines, we generate an annual income of 500 million dollars according to the figures of January-April 2021. Our aim is to expand this family, not only in Asia, but also in wider geographies. to be one of the liquidity providers”.
Mentioning that the interest in cryptocurrencies is increasing day by day in Turkey's investment ecosystem as well as in the whole world, Amber Group Turkey Responsible Metin Mehmet Durgun said, “Turkey is positioned as the fourth country with 16% of the world's 74 largest economies, where the use of cryptocurrencies is the most common in proportion to its population. At this point, we aim to be one of the leading players in this developing market by responding to the demands of investors in Turkey.”