Tag Archives: finance

Crypto-finance company Amber Group valued at 1B

Crypto-finance company Amber Group valued at $1B following $100M raise

The Series B funding round was led by China Renaissance, with participation from several crypto venture funds, including Tiger Brokers, Tiger Global Management, Arena Holdings, DCM Ventures and Gobi Partners.

Image courtesy of CoinTelegraph

            JUNE 20, 2021

Cryptocurrency investment platform Amber Group has added $100 million to its coffers following a successful Series B fundraiser, bringing its total pre-money valuation to $1 billion — a major milestone for the firm as it enters its fourth year of operations.

The cash injection will be used to “expand global operations to meet client demand and develop market solutions for the world’s leading crypto investors and companies,” co-founder and CEO Michael Wu said.

Measures of trade volume and total assets under management showcase Amber Group’s significant growth over the past four years. The company now has over $1 billion in assets under management, with more than $500 billion worth of cumulative trade volumes.

“We’ve had record months over the past quarter across both client flow and on-exchange market-making volumes,” Wu said, adding:

“Since stepping up our on-screen presence, we now account for 2-3% of total trading volumes in major spot and derivative markets and are continuing to see growth. Our cumulative trading volumes have doubled from $250 billion since the beginning of the year to over $500 billion.”

In terms of notional trade volume, Amber Group ranks 21st among global exchanges, according to BitMEX data.

Amber’s assets topped $530 million in 2020, representing a 275% increase from the prior year. At the time, Wu told Cointelegraph that his company has “already proven we can provide institutional-grade integrated crypto financial services.”

In addition to its Series B backers, Amber Group has received direct funding from some of blockchain’s biggest venture funds, including Pantera Capital, Coinbase Ventures and Blockchain.com.

Venture funds have poured billions of dollars into the crypto economy over the past six months, highlighting their conviction in the new asset class. Just this month, Solana Labs finalized a $314 million private token sale, PayPal and Salesforce contributed $14 million to TRM Labs and DeFi exchange dYdX raised $65 million through a Series C fundraiser.

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Original article posted on the CoinTelegraph.com site, by Sam Bourgi.

Article re-posted on Markethive by Jeffrey Sloe

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BNY Mellon Joins DLT-based Trade Finance Network Marco Polo

BNY Mellon Joins DLT-based Trade Finance Network Marco Polo

By RTTNews Staff Writer | Published: 11/27/2019 9:46 AM ET

Bank of New York Mellon or BNY Mellon joined the Marco Polo trade finance network to use the platform's distributed ledger technology (DLT) to conduct an evaluation program for developing improved international trade finance solutions for its customers.

The U.S.-based bank intends to transform its essential trade finance processes to make them more efficient and secure. It will look to replace the costly and inefficient paper-based systems to conduct trade with the blockchain-powered trade financing platform Marco Polo.

The addition of BNY Mellon will expand Marco Polo's presence in the U.S., while it continues to have a strong presence in Europe, Asia and the Middle East.

The Marco Polo Network offers its members access to risk mitigations solutions such as receivables discounting, payment commitment and payables finance programs.

The network connects banks, corporates and third party service providers, powered by enterprise software firm R3's Corda blockchain platform and the distributed trade finance platform from Irish technology firm TradeIX.

BNY Mellon joins other global banks and financial institutions on the network including Bank of America, ING, BNP Paribas, NatWest, Standard Chartered Bank, Natixis, National Australia Bank and Commerzbank.

Launched in 2017, Marco Polo is a bank focused network of platforms offering ERP-embedded trade and working capital finance applications to their corporate clients. It is powered by open Application Programming Interfaces (APIs) and Corda blockchain technology.

For comments and feedback contact: editorial@rttnews.com

Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

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