Amber's $530 Million Exchange Plans Global Expansion
The Hong Kong-based crypto trading firm will extend its services to retail investors.
Key Takeaways
- Hong Kong-based crypto investment firm Amber Group has set its sights on retail users around the world.
- The company has promoted one of its existing project heads to lead the overseas expansion.
- Amber has also launched a mobile trading app for retail users.
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Amber Group, a Hong Kong-based financial services provider with $530 million assets under management, is expanding its services.
Global Expansion Ahead
Amber Group has appointed Annabelle Huang as the head of its Global X Center initiative. In a press release, she wrote:
“We are setting up a new Global X Center initiative to focus solely on expanding overseas user base through localized strategies and offerings, and it’s a privilege to be in charge of our global growth efforts as this is top priority for our team this year.”
The firm plans to extend its services to “South Korea, Japan, Hong Kong, Singapore, Taipei, North America and more.”
Huang will work alongside Jeffrey Wang, former Head FX Derivatives Trading Asia at Morgan Stanley.
Huang has also worked on an Ethereum-based DeFi trading application called AirSwap.
Amber Launches App
The firm has also launched a mobile trading app for retail users.
In four months of operation, Amber App has amassed over 40,000 registered users and manages over $200 million in assets (a 30% MoM growth), according to data shared with Crypto Briefing.
The institutional wing of the firm boasted $10 billion in average trading volume last year, a fact that reinforces the idea that the Bitcoin bull run is backed by institutions.
Prominent crypto venture capitalists back Amber Group. Coinbase Ventures, Paradigm, Polychain Capital, and ten others invested $28 million in the firm’s first funding round on Feb. 14 2020.
Disclosure: The author held Bitcoin at the time of press.
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