Asian algorithmic trading firm Amber Group achieves unicorn status – Bitcoin News

Amber Group, a Hong Kong-based cryptocurrency trading company, has achieved unicorn status. The company raised $ 100 million in its Series B funding round. With the new influx, the company is now valued at $ 1 billion, making it a unicorn. The Amber Group’s strategy is to make them market neutral so customers can make profits in bullish or bearish markets.

Amber Group achieves unicorn status

Amber Group, an algorithmic trading company, achieved unicorn status in its most recent funding round. Founded almost entirely by ex-Morgan Stanley dealers, the company raised $ 100 million in its Series B funding round. The round was led by DCM Ventures and Tiger Global Management, with participation from China Renaissance Group, Tiger Brokers, Gobi Partners and Coinbase Global. This inflow of funds drove the company’s valuation down to $ 1 billion.

The funds received will be used to expand the Amber Group’s operations through recruitment in development and compliance. The company also said it plans to expand its business to other jurisdictions.

Amber Group’s business is simple but it has a twist. It is a trading company that buys and sells cryptocurrencies to take advantage of market volatility. This activity also includes funds from the company and funds from their customers. But the Amber Group does this with a twist: it uses algorithmic methods to calculate the timing of investments in Bitcoin and Ether.

This project was launched in 2015 when a group of Morgan Stanley traders wanted to develop a safer and smarter way to algorithmic trading in assets. Michael Wu, CEO of Amber Group, told Fortune:

Both trading and financial services should be more technology-oriented and automated. The strategy we follow with Amber is always quantitative.

Ready for bear markets

Its unique trading systems and strategies reportedly enable Amber Group investments in up and down markets to be profitable. This is because Amber Groups algorithms base their trades on market volatility. According to its CEO, sales in the second quarter of 2021 tripled from the first quarter despite the heavy losses the market suffered. Wu said:

While the price drop means that our AUM [assets under management] in terms of the number of coins for BTC, ETH and stablecoins, they are all still growing healthily.

In addition, Wu emphasized that the trading volume has doubled since the beginning of the year and the company has been profitable since it was founded.

What do you think of the Amber Group’s newly won unicorn status? Let us know in the comments section below.

Photo credits: Shutterstock, Pixabay, Wiki Commons

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