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Citi Leads $15M Investment into Digital Asset Company Amberdata

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Digital asset data company Amberdata announced it has raised $15 million in a Series A funding round led by Citi. 

Participants in this investment round also includes Franklin Templeton, Galaxy Digital, Rovida Kruptos Assets, executives at GoldenTree Asset Management as well as HWVP, who previously led Amberdata’s Series Seed round. 

In 2017, Amberdata closed a Series C round for $2 million and has raised a cumulative amount of $17 million to date, Shawn Douglass, CEO at Amberdata said in an interview with Blockworks. The company is not disclosing a valuation at this time, he said. 

The company will use the funds to double research and development headcount and expand go-to-market both in the US and internationally, the company said. Amberdata plans to expand its research and development further into decentralized exchanges, DeFi and understanding money flows in stablecoins, Douglass said. 

“There’s this tsunami that’s happening around digital assets,” Douglass said. There’s a massive demand from institutional investors to learn about digital assets and adapt to it, he added.

Institutional investors are seeing demand from their customers, Tongtong Gong, chief operating officer at Amberdata told Blockworks. “Companies are looking at the fundamental value and must have an understanding of it because when they get into it they need high quality data to understand the space,” she added.

“Financial institutions and global payment providers are increasingly interested in offering cryptocurrency-enabled products and services,” said Chris Ferraro, co-president and CIO at Galaxy Digital.

Amberdata is a four-year-old company that analyzes over 8 million blockchain network transactions and around $500 billion in trading activities daily. Its platform provides financial institutions entering the digital asset market with data for research, trading, risk, analytics, reporting and compliance, it said. 

“Data and insights will continue to play a pivotal role in creating transparency and strengthening risk management frameworks for digital assets,” said Siris Singh, Americas head of markets strategic investments at Citi. “We are excited to be leading their Series A and supporting the team on their next phase of growth.”

   
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