Crypto finance firm Amber Group has passed $1 billion in assets under management (AUM), according to an announcement shared exclusively with CoinDesk.
The platform 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. On the retail side, the Amber app gained over $390 million in assets in the first two months of 2021.
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.
Correction (April 6, 4:01 UTC): Amber’s entire slate of investment products has surpassed $1 billion in assets under management, not solely its retail app, as was previously reported.