Retail Investment App Amber Hits $1B AUM
Crypto market maker Amber Group’s trading app has passed $1 billion in assets under management (AUM), according to an announcement shared exclusively with CoinDesk.
The retail investment app boasts around 100,000 users, with numbers doubling between January and February 2021. The user count pales in comparison to the 43 million on industry titans like Coinbase but it does represent the growing interest among crypto-curious investors clicking their way down the rabbit hole.
The Hong Kong-based company now provides trading and asset management services to 500 institutional clients, including family offices, funds and high-net-worth individuals. To be clear, the $1 billion milestone is for the retail app alone.
Amber Group offers customized investment products such as Yield Boost, an options contract that allows users to commit to buying dips or selling rallies with preferred parameters.
Amber Group partnered with BitGo’s custodial arm BitGo Trust in November 2020 to service its institutional traders and draw more high-net-worth investors in places like Hong Kong, Taiwan and South Korea.
By Jamie Crawley, Coindesk