Amber Group Net Sum of Interest Paid Surpasses $65 Million
Amber Group, a leading Asian fintech unicorn, accomplishes an outstanding milestone. The total amount of interest accrued by its users has surpassed $65 million.
Amber Group’s rewards exceeded $65 million by the end of July
According to the official announcement shared by Amber Group’s team, it registered an unmatched increase in payouts transferred to its clients. In total, since the inception of its interest program’s operations, the system paid its clients more than $65 million.
Its cumulative trading volume surpassed $500 billion, while over $1.5 billion in assets under management have been amassed by its team.
Michael Wu, CEO of Amber Group, attributes this marvellous progress to the increased pace of cryptocurrencies adoption boosted by the DeFi and NFT manias:
The increase in demand for earning interest and passive income through crypto deposits represents how far crypto adoption has come. It's important that we offer our clients the most advanced product suite that allows them to invest while optimizing their long-term value
He also stressed that this impressive milestone is reached because of the advanced UX/UI of his service; being extremely user-friendly, it is suitable even for crypto newbies and no-coiners.
As such, Amber Group onboards both institutional and retail clients with various levels of expertise in blockchain and decentralization.
Offering a wide range of passive income services, it accepts for earning programs Bitcoin (BTC), Ethereum (ETH), USD-pegged stablecoins and some mainstream altcoins.
All-in-one earning ecosystem of Web3 services
Amber App, a flagship product of Amber Group’s products ecosystem, started its operations in early Q3, 2020.
With Amber App’s Earn offerings, users can obtain up to 5% APY on deposits and up to 16% on a number of customized earning programs for various assets.
Vladislav SopovAmber App’s yield generation module is sourced by three instruments: taking advantage of the disparity between spot and derivatives markets, interest income from over-collateralized lending to sophisticated corporate clients and from margin funding payments from users financing leveraged positions.
Earlier this year, Amber Group rolled out its patented Yield Boost solution. It allows non-professional traders to monetize their market views. Not unlike trading with leverage, Yield Boost is available for multiple trading pairs with customized term of maturity and strike prices.
Bringing DeFi worldwide
Besides technical progress, Amber Group is laser-focused on the availability of its products across the globe. As such, its flagship Amber App supports nine languages and is available in 140 states and regions. In August, it released a number of brand-new language versions.
English, Simplified Chinese, Traditional Chinese, Korean, Spanish, Portuguese, Japanese, Turkish and Russian interfaces on the platform advance the DeFi experience for millions of users all over the world.
Amber Group's progress is backed by a solid investment background. In total, it raised $128 million in various rounds. Iconic VCs supported Amber’s funding: it secured funds from the likes of the China Renaissance Group, Tiger Global Management, DCM Ventures, Tiger Brokers, Sky9 Capital, Arena Holdings, Tru Arrow Partners, A&T Capital, Gobi Partners, Paradigm, Pantera Capital, Coinbase Ventures, Blockchain.com, Polychain Capital, Dragonfly Capital and Fenbushi Capital.
Related articles
Yuri Molchan
Denys Serhiichuk
Dan Burgin
Alex Dovbnya