Crypto Trading Startup Amber Secures $28M in Series A Funding Round

The Hong Kong-based crypto trading startup Amber has secured $28 million in investments in a Series A funding round.

Crypto investment firms Paradigm and Pantera Capital, as well as Coinbase Ventures, Fenbushi Capital, Polychain Capital, and Blockchain.com, have invested in Amber, together with its existing investor Dragonfly Capital. Paradigm and Pantera led the first round.

The company plans to use the funds to boost its operations and bring new features to its network.

Amber offers its customers various services such as crypto-based electronic market-making, tying market-making, over-the-counter (OTC) trading, electronic sales trading, lending, cash management, as well as other services for corporate investors.

Amber managed to generate $100 million in loans over 6 months and currently has $60 million in outstanding loans with 150% growth on a quarterly basis, said Kullander.

The company also holds a strong position in the crypto venture investment world, where there are not many middle-stage firms with clear business formats and the capacity to increase revenue.

The crypto finance startup started operating in 2015 as a side project of four Morgan Stanley traders and one Bloomberg LP developer. The company became fully operational in January 2018 and started making profit two months later, Amber co-founder Tiantian Kullander said.