- Amber Group raised a fund of $100 million.
- The companies that purchased Bitcoin (BTC) are Tesla and Square.
- The new capital raised will be used to make strategic acquisitions.
An integrated crypto financial services firm, Amber Group has raised a fund of $100 million as traders rush to back companies in the industry.
Moreover, the latest funding round values the Hong Kong-based start-up at $1 billion. The funding round, assisted by a leading financial institution, China Renaissance. With the participation from other high-profile investors including New York-based Tiger Global Management. Also, current investors, that includes Coinbase’s venture arm involved.
Henceforth, the recent funding round continues a swirl of funding activity in the crypto industry. During the second quarter of 2021, according to data gathered by CNBC from Pitchbook, venture capital (VC) investment into cryptocurrency and blockchain start-ups totaled $14 billion.
Furthermore, as institutional investors and large corporations dig in, this makes Cryptocurrency, especially bitcoin more interesting this year. The companies that purchased Bitcoin(BTC) include payment processor Square and electric vehicle maker Tesla. After reaching an all-time high of $64,829 in April, bitcoin has plunged by nearly half.
More so, the CEO of Amber Group Michael Wu noted, the new capital raised will used to hire even more vigorously also to make strategic acquisitions in areas like cybersecurity.
However, the CEO said the company looking forward to obtaining others that have regulatory licenses in certain jurisdictions, so that, it will allow Amber Group to enter a new market.
Accordingly, Michael Wu noted,
“I think regulation always challenges for this industry because it’s a very global industry”
Also added, “It’s always about staying ahead, or at least staying aware of the different regulation. We always take a very conservative approach to that.”
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