Hong Kong financial services company and partner of crypto trading company Coinbase, Amber Group, has secured new funding of US$ 100 million, due to strong investor support for the financial services company.
This funding increasingly reflects the amount of support from venture capital companies to crypto companies.
According to data from PitchBook in the second quarter of 2021, venture capital investments into cryptocurrencies and blockchain start-ups reached US$14 billion, a drastic increase compared to the same period in 2020 of US$600 million.
Regarding the Amber Group, after obtaining funding, currently, the start-up company based in Hong Kong has valuation of US $ 1 billion.
Chinese investment bank Renaissance led the round with participation from other well-known investors including New York-based Tiger Global Management. Coinbase venture investors were also involved in this round.
Interest in cryptocurrencies, especially Bitcoin, has indeed increased this year as institutional investors, both small and large, have started to enter crypto assets this year.
Payment processing company Square and electric car maker Tesla are among the companies that have bought Bitcoin.
But after touching a record high of US$64,829.14 last April, Bitcoin has now fallen by almost half and has not been able to return to that level.