Cryptocurrencies

Crypto finance firm Amber Group crosses $530M in managed assets

The asset manager and liquidity provider saw a 275% increase from $142M in the previous year as both institutional and retail investors come onboard

Crypto asset finance firm Amber Group has crossed $530 million in assets under management after a period of rapid capital growth.

That amounts to a whopping 275% increase from $142 million in the previous year, it said in a Jan. 18 announcement.

The news comes two weeks after Amber Group unveiled a new customizable options contract called Yield Boost. It allows customers to choose a linked price and maturity date on options contracts that will be held by the company.

“This year was revolutionary for the crypto industry with the number of new companies and investors entering the space,” said Amber Group founder Michael Wu. “We are thrilled to be a part of the growing ecosystem by providing investors with a fully-integrated product suite, where retail and institutional investors can experience a seamless digital asset experience.”

An asset manager, trading platform, and liquidity provider, Amber Group claims that more than 500 institutions, family offices, and high-net-worth clients use its Amber Pro services. This year, the cumulative value of all trades made on the platform was over $250 billion—85% more than the year before—and more than $10 billion in December alone.

The firm also claims that since the launch of its Amber App for its retail customers, 35,000 users registered for the service—15,000 of which joined in December. It also has more than $200 million assets after reporting 30% monthly growth and reaching over $680 million cumulative user deposits since its launch.

With the recent boom of Bitcoin and other crypto asset prices, firms operating in the industry saw their assets and profits grow spectacularly.

The latest example was decentralized finance (DeFi) lender Celsius Network, which saw 10x growth in its assets under management in 2020, reaching $5.3 billion. And earlier this month, cryptocurrency index fund provider Bitwise Asset Management announced having crossed $500 million in assets under management after registering a fivefold increase in just a couple of months.

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Adrian is a newswriter based out of Pisa, Italy. He's passionate about cryptocurrency, digital rights, IT, tech and futurology and likes to think about the future in a positive way.