Cryptocurrency-related data startup Amberdata announced on the 14th that it has conducted a $15 million Series A funding round led by financial giant Citigroup.
According to a press release, the funding round also included executives from leading companies such as crypto investment firm Galaxy Digital, global investment firm Franklin Templeton, asset management firm Golden Tree Asset Management, and venture capital firm HWVP.
The company noted that the funds will be used to double its research and development staff and expand its markets in the United States and abroad.
Founded in 2017, Amberdata is a provider of data and analysis on blockchain networks, crypto markets, and DeFi. It analyzes more than 8 million transactions every day and supports financial institutions in various aspects such as research, transactions, and legal compliance.
Shawn Douglass, CEO of Amberdata, said:
“Blockchain technology enables entirely new financial products to be created and offered at a much lower cost with global market reach. We see growing institutional interest and demand for crypto assets. Our customer list and investors are a stamp of approval for the value we are creating for institutions.”
Adding to the statement, Siris Singh, Head of US Market Strategic Investment at Citigroup, said of the investment:
“Data and insights will continue to play a pivotal role in creating transparency and strengthening risk management frameworks for digital assets. We are excited to be leading their Series A and supporting the team on their next phase of growth.”
Amberdata’s funding is the latest example of a major financial institution funding a cryptocurrency data company. Citigroup’s lead in investment rounds reiterates the banking industry’s interest in the crypto sector.