Amber Group to aim US IPO listing, says CEO Wu
Amber Group, a cryptocurrency company that offers services to institutional investors, is considering direct listing on the stock market within two years, South China Morning Post reported on the 23rd.
CEO Michael Wu, one of the co-founders, said that the company is eyeing a direct listing “next year or the year after.”
While saying that the United States will be the likely destination for listing, he indicated a willingness to list in other countries as well.
Founded in 2017, Amber Group provides services in algorithm trading, market-making, HFT (high-frequency trading), OTC trading, lending, and derivatives to institutional investors and individual investors. The company also handles its own trading department, accounting for 2-3% of the total trading volume on major physical and derivative exchanges.
The company currently has headquarters in Hong Kong and offices in Taipei, Seoul, and Vancouver. Most of its user base comes from Asia and America, according to CEO Wu.
Wu cited brand awareness, lower funding costs, and attracting talent as the company’s reasons for the direct listing. In addition, he announced that he would strengthen its business in the US and comply with the country’s standards to serve its customers.
Amber offers a service that allows customers to earn interest on crypto holdings by lending to other clients at a higher rate. However, it will not offer its crypto lending product to US customers if necessary.
The crypto unicorn currently has a valuation of $1.5 billion with over 10,000 users of its app.
The post Amber Group to aim US IPO listing, says CEO Wu appeared first on Our Bitcoin News.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow
