Asian Algorithmic Trading Company Amber Group Reaches Unicorn Status
A Hong Kong-based cryptocurrency trading company, Amber Group, has attained “unicorn” status. The company managed to raise $100 million in its Series B funding round. With the new influx, the company is now valued at one billion dollars, making it a unicorn. Amber Group’s strategy is said to make them market neutral, allowing customers to garner gains in bullish or bearish markets.
Amber Group Reaches Unicorn Status
Amber Group was born in 2015 when a group of Morgan Stanley traders wanted to devise a safer and smarter way of trading assets algorithmically., raised $100 million in its Series B funding round from its investors DCM Ventures and Tiger Global Management, with participation from China Renaissance Group, Tiger Brokers, Gobi Partners, and Coinbase Global. This influx of funds pushed the valuation of the company to one billion.
The funds obtained will serve to expand Amber Group’s operations through hiring in development and compliance areas. The company also said it wanted to expand its operations to other jurisdictions.
Amber Group’s, is a trading company that buys and sells cryptocurrencies to make a profit from market volatility.
Michael Wu, CEO of Amber Group told Fortune that:
“Both trading and financial services should be more tech-driven and more automated. The strategy we do with Amber is always quantitative.”
