Crypto Finance Startup Amber Raises $28M in Series A Led by Pantera, Paradigm

Amber Group, a Hong Kong-based startup offering a range of cryptocurrency finance services, has raised $28 million in a Series A funding round.

Leading the investment are Paradigm and Pantera Capital, with Polychain Capital, Blockchain.com, Coinbase Ventures and Fenbushi Capital also participating. Existing investor Dragonfly Capital was also on board.

Amber said Friday the investment funds will be used to expand its operations to meet client demand and add new features to its platform.

“While the industry has come a long way, there is still plenty of work to do in order to meet the growing demands of clients in a fragmented market.” said Michael Wu, Amber Group CEO. “We’re thrilled to partner with some of the world's leading investors and crypto companies to accelerate our mission of strengthening the crypto finance ecosystem.''

The firm offers clients services including crypto-based electronic market making, automated over-the-counter trading and collateralized lending. It's clients include exchanges, mining companies and pools, wallets and hedge funds, according to its announcement.

“Our most successful investments have been when we’ve found companies doing something better than we can ourselves," said Dan Morehead, founder and CEO of Pantera Capital. "Amber dramatically improved our electronic execution across a wide spectrum of assets."