The Hong Kong-based firm offering crypto finance services Amber Group has managed to raise $28 million in Series A round of funding.

The main investors were Pantera Capital, Paradigm, Coinbase Ventures, Polychain Capital, Fenbushi Capital and Blockchain.com. Dragonfly Capital invested as well. On Friday, Amber Group said the funds are going to be used to add fresh attributes to the platform and expand operations so that client demands are met. Here’s what Michael Wu, the CEO at Amber Group had to say about what the company is planning to do:

“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. 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.”

Amber Group offers its clients services like collateralized lending, automated OTC trading and crypto electronic market making. It serves mining pools and companies, hedge funds, wallets and exchanges. The CEO and founder of Pantera Capital, Dan Morehead, had this to say about the investment its company made in Amber:

“Our most successful investments have been when we’ve found companies doing something better than we can ourselves. Amber dramatically improved our electronic execution across a wide spectrum of assets.”

In 2015, Amber started as Amber AI, a company providing artificial intelligence algorithms for trading Chinese stocks and securities. In 2017, it switched to crypto as there were huge opportunities for arbitrage. They could, for example, buy from one exchange Bitcoin (BTC) for $7,300 and sell it on another exchange for $7,700, making this way a 5% profit. In the October – December 2017 time period, Amber gained 100% to 200% each month, even though its total assets were only a few millions of US dollars.

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