Hong Kong-based crypto-trading services provider Amber has received $28m in a series A round co-led by crypto workflow software producer Paradigm, Coindesk has reported.
Crypto investment firm Pantera Capital co-led the round, which included cryptocurrency exchange operators Blockchain.com and Coinbase, the latter through corporate venturing unit Coinbase Ventures.
The round was filled out by bitcoin-focused hedge fund manager Polychain Capital, blockchain-focused venture capital firm Fenbushi Capital and crypto-oriented investment firm Dragonfly Capital.
Founded in 2015, Amber provides services that help execute cryptocurrency deals on behalf of exchanges, traders and miners, who can produce new cryptocurrency using specialised computers – the digital asset’s equivalent of a currency mint.
The series A proceeds will support Amber’s deployment of new products, the introduction of new features and the scaling of the company’s business. Details of its earlier funding are undisclosed, though Dragonfly Capital was named as an existing investor in the series A round.
Dan Morehead, Pantera Capital’s founder and chief executive, said: “Our most successful investments have been when we have found companies doing something better than we can ourselves. Amber dramatically improved our electronic execution across a wide spectrum of assets.”