Elon Musk’s endorsement of Dogecoin boosts it 55%
Subsequently a significant flood of interest in DOGE - its ticker symbol - has captured the crypto market. Nigel Green, CEO and Founder of , is under no illusion that Musk’s position as a driving force in global investment, particularly in light of his connection to the , is incontestable:
“[Dogecoin’s] skyrocketing price is down to The Elon Effect. [Musk’s endorsement] stoked enormous interest across the globe, leading to other celebrities such as American rapper Snoop Dogg and Kiss rock star Gene Simmons backing the cryptocurrency.
“Thanks to massive retail investor interest DOGE is now up more than 1,380% year-to-date.” The cryptocurrency now has a market value of US$10bn, making it the eighth most valuable commodity in its class.
Dogecoin: Beyond a joke
The architecture itself was forked from , and, despite essentially being a joke, the cryptocurrency soon found genuine utility based on its low price and abundant supply. Also, due to its ‘one minute block intervals’, it has a faster blockchain than other offerings.
Despite this, Green, who also heads up which has recently launched Dogecoin on its platform, enthused its use, saying, “Each different cryptocurrency offers unique properties, strengths and uses for investors.
“It is a burgeoning asset class and it’s one that is set to play a larger and larger role within the global financial system. In today’s digitalised, globalised world, the demand for digital, global currencies in some form – is only set to grow.”
Although it remains to be seen whether Dogecoin genuinely represents the future of money, two things are beyond dispute: crypto will take on an increasingly important role in our daily lives and a tweet from Elon Musk has market value by itself.
Amber Group Valued at US$1bn in $100m Funding Round
Amber Group, a cryptocurrency financial services firm, has raised US$100m in a Series B funding round at a pre-money valuation of $1bn.
The funding round was led by Chinese investment firm China Renaissance, and other participants in the Series B include Tiger Brokers, Tiger Global Management, Arena Holdings, Tru Arrow Partners, Sky9 Capital, DCM Ventures and Gobi Partners. Existing investors Pantera Capital, Coinbase Ventures and Blockchain.com also joined in.
Michael Wu, co-founder and CEO of Amber Group said in a statement that the funding would be used to “expand global operations to meet client demand and develop market solutions for the world’s leading crypto investors and companies.”
“We’ve had record months over the past quarter across both client flow and on-exchange market-making volumes,” Wu said in a press release. “Our cumulative trading volumes have doubled from $250 billion since the beginning of the year to over $500 billion.”
Cryptocurrencies are becoming increasingly popular, with many people investing, although not everyone seems to know what they are investing in. Using survey data collected from 750 investors earlier this year, Cardify found that only 16.9% of investors who have bought crypto “fully understand” the value and potential of cryptocurrency, while 33.5% of buyers have either zero knowledge about the space or would call their level of understanding “emerging.”
Who is Amber Group?
Amber Group is a global crypto finance service provider with a presence in Hong Kong, Taipei, Seoul, and Vancouver. Founded in 2017, Amber Group services over 500 institutional clients and has cumulatively traded over $330 billion across 100+ electronic exchanges, with over $1 billion in assets under management. The company said that its assets under management, or AUM, reached $530 million in 2020, representing a 275% increase from the previous year.
Instead of being a cryptocurrency exchange that allows users to trade individual digital coins, Amber Group CEO Michael Wu said the company is bringing a “private banking experience to the everyday customer.”
Their goal is to optimise investment flexibility, maximise investment returns and deliver long-lasting value for their clients. In 2019, Amber Group raised $28 million in Series A funding led by global crypto heavyweights Paradigm and Pantera Capital, with participation from Polychain Capital, Dragonfly Capital, Blockchain.com, Fenbushi Capital, and Coinbase Ventures.