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Crypto Behemoths Invest $28 Mln in Hong Kong Trading Company, Coinbase Joins Them

News
Fri, 02/14/2020 - 13:53
Yuri Molchan
Giants of the crypto industry – Coinbase, Paradigm and Polychain – support a Hong Kong-based crypto trading firm with a $28mln investment to help it become a tech company
Cover image via 123rf.com

Asia remains the region where the largest percentage of global crypto trading takes place. Now, it seems that major crypto companies from the US, namely Coinbase, Polychain, Paradigm and a few others, have decided to invest in this market.

Forbes has reported that these crypto heavyweights have invested $28 mln into an Amber trading firm based in Hong Kong, which is valued at $100 mln.

A curious fact – among the founders of Amber in 2015 were four Morgan Stanley traders.

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The firm worked successfully from the beginning, writes Forbes, and in 2018, when the Bitcoin price declined to $3,800, the traders managed to earn $50 bln by trading with a 40 percent average return.

Now, Amber is aiming to turn into a tech company. They are creating software that will help them trade, while also focusing on making tools for traders who intend to use highly profitable strategies. To do that, Amber is busy creating a crypto trading platform.

At the moment, all of Amber's staff are working from home due to the coronavirus outbreak, as are the majority of people in Asia.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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