Resilient performance a result of sustained business momentum, along with expanded product and service offerings against market uncertainties
SINGAPORE, 21 SEPTEMBER 2022 — Amber Group, a leading global digital asset company, announced its H1 2022 financial performance, with revenue of US$250m representing a 25% YoY growth compared to the previous year. Growth was achieved across all core business areas, led by its institutional business and trading operations. The company’s consumer business, WhaleFin, also saw significant revenue growth, following the launch of WhaleFin Club, Amber Group’s new portfolio specifically targeted at high net worth individuals.
Amber Group’s record-setting financial performance amidst global macroeconomic challenges highlights the company’s strong fundamentals and potential for future growth. Despite market volatility and an industry slowdown, Amber Group has remained profitable due to its leading trading infrastructure, state-of-the-art trading operations, wide-spanning client base, and effective risk management. Its H1 2022 performance also follows a highly successful Series B+ investment round involving Singapore’s investment company, Temasek, Sequoia China, Tiger Global Management and Pantera Capital among others, earlier this year.
Building on this strong investment momentum, Amber Group has outperformed challenging market conditions by strengthening its core competencies while continuing to grow and diversify its business lines. Its private wealth management business in particular grew significantly in H1 2022, supported by the launch of new products and services such as staking and structured products offered as part of WhaleFin Club.
Amber Group’s diversification strategy runs in tandem with its move to expand its global footprint while maintaining its lasting commitment to compliance, security, and investor protection. The company is now a holder of 12 regulatory licenses globally which include the Securities and Futures Commision (SFC) Type 1, 2, 4, 5 and 9, Money Lender, and Trust or Company Service Provider licenses in Hong Kong, registrations with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), the U.S. Department of Treasury Financial Crimes Enforcement Network (FINCEN), the Australian Transaction Reports and Analysis Centre (AUSTRAC), U.K. Financial Conduct Authority (FCA), and Japan Financial Services Agency (JFSA), and as a member of the Swiss Financial Services Standards Association (VQF).
Amber Group’s remarkable H1 2022 performance was also supported by moves to strengthen user trust and confidence in digital assets – a critical commodity in an uncertain market climate. In line with the company’s priority to deliver on safety and reliability, Amber Group proactively embarked on a series of initiatives in H1 2022 to establish itself as one of the most secure and compliant organisations in the digital asset industry.
Recent key initiatives included an external attestation of its security controls and processes according to Service Organization Control (SOC) 2 Type II in a follow-up to its successful SOC 2 Type I attestation earlier this year as well as securing comprehensive insurance coverage for its wallet infrastructure from A-rated insurance provider Arch Syndicate 2012 of Lloyd’s of London and insurtech firm OneDegree. This is additionally supported by a multi-year reinsurance partnership with Munich Re. The company is set to continue building out a comprehensive global insurance plan that aggregates to over USD$100 million in coverage, protecting digital assets held in its wallet infrastructure on behalf of clients.
“Amber Group’s strong performance in H1 2022 is testament to our resilient business model and our strategic growth plan for the long-term. While current market conditions continue to be challenging, we are confident that the company is in a strong position to deftly navigate these conditions and sustain the momentum on our growth trajectory. We remain focused on sustainable growth and in H1 2022, our team has been making strategic investments in core business areas aimed at delivering sustainable revenue growth, while maintaining profitability. This remains our focus going into H2 2022. We are very excited to continue leading the digital assets industry and to realise the future of digital finance for everyone,” said Amber Group’s Chief Executive Officer, Michael Wu.
About Amber Group
Amber Group is a leading full stack digital asset firm, engaged in trading, products and infrastructure. Amber Group works with companies ranging from token issuers, banks and fintech firms, to sports teams, game developers, brands and creators. Operating at the center of markets, Amber provides a full range of digital asset services spanning liquidity provisioning, trading, financing, and investing. Across all products and categories, Amber Group has turned over $1T in volumes since inception.
Amber Group is backed by prominent venture, industry, and sovereign investors including Sequoia Capital, Temasek, Paradigm, Tiger Global, Dragonfly Capital, Pantera Capital, Coinbase Ventures, and Blockchain.com.