Crypto market maker Amber Group’s buying and selling app has handed $1 billion in belongings underneath administration (AUM), in response to an announcement shared solely with CoinDesk.
The retail funding app boasts round 100,000 customers, with numbers doubling between January and February 2021. The consumer rely pales compared to the 43 million on business titans like Coinbase however it does signify the rising curiosity amongst crypto-curious traders clicking their approach down the rabbit gap.
The Hong Kong-based firm now offers buying and selling and asset administration providers to 500 institutional purchasers, together with household places of work, funds and high-net-worth people. To be clear, the $1 billion milestone is for the retail app alone.
Amber Group affords custom-made funding merchandise akin to Yield Increase, an choices contract that enables customers to commit to purchasing dips or promoting rallies with most popular parameters.
Amber Group partnered with BitGo’s custodial arm BitGo Belief in November 2020 to service its institutional merchants and draw extra high-net-worth traders in locations like Hong Kong, Taiwan and South Korea.