A cryptocurrency trading business backed by Coinbase has raised $1 billion in new investment

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July 1st, 2021

By: Norvisi Mawunyegah

Amber Group, a bitcoin financial services business, has raised $100 million as investors flock to cryptocurrency startups. The Hong Kong-based start-up is now valued at $1 billion after a new round of investment.

The financing was anchored by China Renaissance, with participation from other notable investors such as New York-based Tiger Global Management. Existing investors were participating, including Coinbase’s venture capital arm.The most recent financing round is part of a rush of activity in the cryptocurrency market.

According to statistics by PitchBook, venture capital investment in cryptocurrency and blockchain start-ups exceeded $14 billion in the second quarter of 2021. In comparison, only $600 million was spent in the same time last year.

Institutional investors and major businesses have flocked to cryptocurrencies, notably bitcoin, this year. Bitcoin has been bought by a number of firms, including payment processor Square and electric car manufacturer Tesla.

However, bitcoin has dropped by nearly half since reaching a record high of $64,829.14 in April.