Home   >     Original    >     Main body

    Billion-dollar crypto trading powerhouse Amber Group is targeting a US IPO listing

    Abstract:Amber Group's CEO revealed the company's appetites for expanding its presence in the US.

      Amber Group co-founder and CEO Michael Wu revealed in an interview with the South China Morning Post that the Hong Kong-based crypto service provider is interested in going public in the US within the next two years.

      Since Ambers asset management business enables customers to earn interest on deposited crypto assets, current regulatory scrutiny makes it uncertain whether the company will be able to offer its prime product in certain markets.

       Going public

      According to Wu, a direct listing in the US is “definitely on the table, probably next year or the year after.”

      He explained that despite regulatory uncertainty regarding interest-bearing products the company is looking to enlarge its footprint in the US.

      In order to bite into the US market pie, Amber Group will play by US rules to serve the countrys customers, added Wu, as he resolved that the company will not offer crypto lending products if it is not allowed to.

      The largest crypto trading platform in the US, coinbase, clashed with the US Securities and Exchange Commission (SEC) recently and decided to shelve plans for its own interest-bearing product called Lend.

      Rules surrounding lending products raised a lot of dust following the US regulators threat to take legal action over what it deemed to be an unregistered security.

      “The US, when it comes to crypto, I think has taken a more conservative approach than regulators in this part of the world or elsewhere,” Wu said, as he reflected on the varied level of strictness surrounding crypto rules across the globe.

      “But most of our businesses are elsewhere. In each jurisdiction well evaluate case by case,” he concluded.

      Going global

      He clarified that going public is not about letting some people “cash out”, but rather to raise brand awareness, attract talent and lower funding costs.

      “The US is a likely destination, but we‘re open-minded,” Wu continued, without being shy about the company’s agenda to expand its presence in the global market, amidst the racing adoption.

      According to Wu, the lending product has already gotten a green light in multiple jurisdictions.

      Without disclosing where Ambers largest user base is located, Wu attested that the company has “a very large presence both in Asia and in the broader Americas”.

      The Hong Kong crypto unicorn manages more than $1.5 billion in crypto assets while catering to both institutional and retail investors.

      Three months ago, the company raised $100 million in series B funding, attracting investors such as China Renaissance Group, Tiger Brokers, Gobi Partners and Coinbase Global.

      For more blockchain news, please download WikiBit - the Global Blockchain Regulatory Inquiry APP.

    Read more

    Bitcoin Global Legalization: A survey of countries that accept and reject Bitcoin.

    Since the inception of Bitcoin in 2009 by the unknown founder popularly known as Satoshi Nakamoto, the march for its legalization as well as other cryptocurrencies had continued till this point. While some countries had officially legalized Bitcoin and accepts it as a legal tender, others rather reject and ban it. The rest tend to maintain a neutral approach of tolerating it without either banning nor legalizing it. The major reason for this has been that Bitcoin and other cryptocurrencies lacks regulation and centralization and hence, beyond the control of the government. However, there is a general vision that given the popularity of Bitcoin itself and other cryptocurrencies, more countries will in no distant time give an official approval and legalization of Bitcoin and Cryptocurrencies.

    News 1635237643000

    Dogecoin ranks number one by Google searches in the U.S

    The original meme coin is still top according to research on Google searches conducted by Bacancy Technology.

    News 1635227252000

    Terra is preparing to burn more than 9% of the total LUNA supply

    Burning almost 90 million LUNA in the community pool is expected to place upward pressure on the native token’s price.

    News 1635224894000

    Bitcoin (BTC) hashrate rose by over 30% since July. Here’s what it means.

    Bitcoin mining hashpower as gone from a low of 103 EH/s to touching as high as 189 EH/s within the last 3 months.

    News 1635224817000