HK's Amber Group Expands Relationship with BitGo to Attract Institutional Investors

Hong Kong based crypto market maker Amber Group announced on Tuesday that it has expanded its relationship with BitGo, a Palo Alto-based digital asset financial services firm, to service its clientele of institutional traders.

Amber Group's suite of offerings, which includes Amber Pro and Amber App, have used BitGo security tech since 2018. The Hong Kong-based market maker, which has an average daily trading volume between $100 million and $200 million, is building on its existing business relationship with BitGo as the company believes that BitGo's status as a qualified custodian should draw more high-net-worth investors to Amber from places like Hong Kong, Taiwan and Seoul. BitGo Trust clients include Pantera, Bitstamp, Nexo, CoinJar and others.

Back in February, Amber closed a $28 million funding round led by Paradigm and Pantera Capital and including Coinbase Ventures. Amber's decision was partly swayed by BitGo's $100 million in Lloyd's of London–backed cold storage insurance cover, said BitGo's head of financial services Nick Carmi.

Asked for his reasoning on the broadening of the firm's custody partnerships, Amber Group CEO Michael Wu said via email that it came down to the custodian's "track record, shared insurance scheme and integration with [the BitGo] lending desk."