Amber Group to Use BitGo Trust Crypto Custodian for Its Investors

UTC by Steve Muchoki · 3 min read
Amber Group to Use BitGo Trust Crypto Custodian for Its Investors
Victoria Harbour, Hong Kong. Photo: Unsplash

Amber Group is reported to have a daily trading volume of between $100 to $200 million. 

Amber Group, an established crypto finance service provider, will now be utilizing BitGo Trust qualified custody for its institutional and retail investors.

BitGo is a leading crypto custodian precisely tailored for institutional investors. BitGo firm has been on the headlines in the past few weeks after payment giant PayPal Holdings Inc (NASDAQ: PYPL) was rumored to be in talks to acquire it. The Hong Kong-based Amber Group will largely benefit from the high tech security system for its digital assets.

In addition, the firm will be insured through BitGo insurance policy, which goes up to $100 million cover. This was perhaps the leading factor in Amber Group opting to use BitGo Trust custodian services. Notably, Amber Group is reported to have a daily trading volume of between $100 to $200 million. Therefore making the partnership with BitGo very strategic for its future growth.

Institutional investors seeking to venture into the crypto industry are eyeing the safest route possible with optimal profits.

With crypto scams skyrocketing due to the unregulated nature of the global crypto industry, guaranteed crypto safety will push global adoption to the next level.

Amber Group has been involved in a number of private funding since its inception back in 2017. Notably, the firm is trusted by over 200 institutional investors around the world and is backed by Paradigm and Pantera.

Additionally, over the years Amber Group has received financial backing from Fenbushi Capital, Polychain Capital, Blockchain.com, Dragonfly Capital, and Coinbase Ventures.

Earlier this year, Amber Group closed a $28 million funding round that was led by Paradigm and Pantera Capital.

Amber Group and BitGo Partnership

Mike Belshe, CEO of BitGo, hailed Amber Group for having cutting edge crypto innovations that are firmly grounded in the financial services.

“Amber was formed by seasoned finance professionals who cut their teeth trading at firms like Morgan Stanley. Amber is poised for tremendous growth and the team at BitGo is focused on providing the security, liquidity and custody infrastructure they require to do what they do best – transform the future of finance,” he said in the press release.

On the other hand, Michael Wu, CEO of Amber Group, highlighted that the company is committed to venturing more jurisdictions by partnering with reputable institutions.

“Implementing rigorous security measures around client assets is not only critical to our daily operations but also key to building long-term trust with our clients,” explained he.

The cryptocurrency industry has significantly shifted gears from solely a speculative market to a self reliant financial system.

Amber Group and BitGo Trust partnership is a major plus for the market that is anticipated to experience another bull run higher than the 2017/2018 one.

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Steve Muchoki

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies. Mythology is my mystery! "You cannot enslave a mind that knows itself. That values itself. That understands itself."

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