A cryptocurrency economic services organization, Amber Group has surged $100 million as investors drive to back organizations in the industry. The fresh investment round worth of the Hong Kong-based start-up at $1 billion.
Investment bank China Renaissance guides the round with engagement from other high-profile investors including New York-based Tiger Global Management. Existing investors, that includes the venture arm f Coinbase, were involved.
The modern investment round countries a swirl of investment activity in the cryptocurrency industry. In 2021’s second quarter, venture capital investment into blockchain and cryptocurrency start-ups accumulated $14 billion, according to the data report of PitchBook. In the previous year, it compares to just $600 million in this similar period.
Cryptocurrencies’ interest, bitcoin, in particular, surged this year as large corporations and institutional investors jumped in. Electric vehicle producer Tesla and payment processor Square are among those participating organizations that have bought bitcoin. However, after touching a record pick of $64,829.14 in April, bitcoin has suddenly driven by almost half. 
