Amber Group, a Hong Kong-based crypto financial services company, is eyeing a direct listing in the U.S. within the next two years, Amber Group co-founder and CEO Michael Wu told the South China Morning Post in an interview.
Fast facts
- Founded in 2017, Amber Group propelled to unicorn status this year following its US$100 million Series B funding round in June. It services over 500 institutional clients and has over US$1.5 billion in assets under management, according to the company’s website.
- Amber Group currently offers interest rate investment products that allow customers to earn up to 16% annual percentage rate (APR) on their crypto assets. Such crypto lending products have come under increasing regulatory scrutiny in the U.S., with crypto companies including BlockFi, Celsius Network and Coinbase told to cease offering products that regulators say are unregistered securities.
- Wu said Amber Group would not offer crypto lending products if it was not allowed to. The company intends to have a bigger presence in the U.S. and will play by U.S. rules to serve the country’s customers, he said.
See related article: Crypto exchange Coinbase nixes plan for lending product after SEC lawsuit threat