Shift Connect to help Currencycloud drive global expansion
Shift Connect, Canada’s preeminent global payments and foreign exchange platform, is partnering with Currencycloud, the leader in providing B2B embedded cross-border solutions, to power its expansion into new territories including the US, Europe and UK.
“We listened to our customers, who regularly gave referrals into other regions, and businesses across the globe requesting our services. Our partnership with Currencycloud will allow us to move swiftly into new territories and deliver the fast, secure, stress-free and competitive payments service we have become known for in Canada.” - Dave Kelcher, CEO at Shift Connect.
Taking advantage of Currencycloud’s global reach and trusted service, Shift Connect will round out their FX services, global payments and customer onboarding, allowing them to reach new customers and expand its community of highly satisfied customers across the globe.
"Entering new markets and territories can often be a time consuming and expensive process, especially in the complex world of foreign exchange and payments. Our platform, which includes a global payments network, regulatory coverage and efficient on-boarding processes, will help Shift Connect to expand their business internationally both quickly and efficiently and allow them to concentrate on the important work – attracting new customers and building on the success that they’ve had in Canada. We look forward to supporting them with their global expansion.” - , General Manager & Co-founder of Currencycloud.
Launched in 2012, Currencycloud is based in London and is regulated in Europe, the US and Canada. It is a global payments platform built on smart technology that takes the complexity out of moving money. Developers use its API building blocks to build customised payment solutions.
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.