Amber Group, a Hong Kong-based cryptocurrency buying and selling firm, has attained “unicorn” standing. The corporate managed to boost $100 million in its Collection B funding spherical. With the brand new inflow, the corporate is now valued at one billion {dollars}, making it a unicorn. Amber Group’s technique is alleged to make them market impartial, permitting clients to garner beneficial properties in bullish or bearish markets.
Amber Group Reaches Unicorn Standing
Amber Group, an algorithmic buying and selling firm, reached unicorn standing in its newest funding spherical. The corporate, shaped by former Morgan Stanley merchants virtually solely, raised $100 million in its Collection B funding spherical. The spherical was led by DCM Ventures and Tiger World Administration, with participation from China Renaissance Group, Tiger Brokers, Gobi Companions, and Coinbase World. This inflow of funds pushed the valuation of the corporate to 1 billion {dollars}.
The funds obtained will serve to increase Amber Group’s operations via hiring in improvement and compliance areas. The corporate additionally stated it needed to increase its operations to different jurisdictions.
Amber Group’s enterprise is easy, however it has a twist. It’s a buying and selling firm that buys and sells cryptocurrencies to make a revenue from market volatility. This exercise contains funds from the corporate and funds from their clients as effectively. However Amber Group does this with a twist: it makes use of algorithmic strategies to calculate timing of investments in bitcoin and ether.
This challenge was born in 2015 when a bunch of Morgan Stanley merchants needed to plot a safer and smarter approach of buying and selling property algorithmically. Michael Wu, CEO of Amber Group instructed Fortune that:
Each buying and selling and monetary providers ought to be extra tech-driven and extra automated. The technique we do with Amber is at all times quantitative.
Prepared for Bear Markets
Its singular buying and selling methods and methods reportedly enable Amber Group investments to be worthwhile in bullish and bearish markets. It’s because Amber Teams algorithms base their trades on market volatility. In line with its CEO, the income in Q2 2021 has tripled the numbers for the primary quarter, even with the heavy losses the market has skilled. Wu stated:
While the drop in costs implies that our AUM [assets under management] measured in greenback phrases decline, by way of the variety of cash for BTC, ETH and stablecoins, they’re all nonetheless rising healthily.
Along with this, Wu burdened buying and selling volumes had doubled for the reason that begin of the yr, with the agency being worthwhile since its founding.
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