A cryptocurrency financial services firm, Amber Group, has raised $100 million as investors rushed to back companies in the sector. The new funding round valued the Hong Kong-based start-up at a whopping $1 billion.
The investment bank, China Renaissance, led the funding round with participation from other high-profile investors, including Tiger Global Management, based in New York. The latest funding round has continued a furor of funding activity in the cryptocurrency industry.
In 2021’s second quarter, venture capital investment into cryptocurrency and blockchain start-ups totalled $14 billion, according to data from PitchBook. That compares to just $600 million in the same period last year. Interest in cryptocurrencies, particularly in bitcoin, rose this year as institutional investors and large corporations jumped in. Payments processor Square and electric vehicle maker Tesla are among the companies that have purchased bitcoin.
