Amberdata Raises $30M to Realize ‘Unlimited Possibilities’ of Bringing Traditional Finance to the Internet3

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Amberdatathe institutionally oriented digital asset data provider has raised $30 million in its Series B, its CEO Sean Douglas told TechCrunch.

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The company is currently valued at $330 million and has raised a total of $47 million to date, including a $2 million seed round and a $15 million Series A.

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“We decided to make this boost right now because we have grown so much over the past year that we have an unlimited opportunity to go out and become the infrastructure that allows all institutions to connect digital assets,” Douglas said.

The capital will be used to build new product lines, and while Amberdata already has deals in the US, UK, Latin America, Singapore and Australia, it wants to expand globally, Douglas said.

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As the name suggests, Amberdata provides data and information about blockchain networks, crypto exchanges and decentralized finance for some of the largest financial and digital asset institutions such as Citi, Coinbase, Nasdaq, Franklin Templeton and more.

“If you think about it, digital assets will touch every person and business on the planet and transform finance, and that requires data and ideas,” Douglas said.

The round was hosted by Knollwood Investment Advisory and includes investments from Susquehanna International Group, Nasdaq Ventures, NAB Ventures, Chicago Trading Company, Nexo, Coinbase and Innovius. Previous investors who have also joined the round include Citi, Franklin Templeton, Aspenwood Ventures, Rovida Kruptos Assets and Boldstart Ventures.

When Amberdata was first launched in 2017, there were a lot of high expectations for institutions and businesses entering the market, Douglas said, but they didn’t.

“Today every single bank, every trading firm on the planet use of digital assets and they know that if they don’t, they won’t matter,” Douglas said. “So it’s a tsunami of adoption and we’re helping them by accelerating their time to market and getting smarter and making data-driven decisions.”

But what matters most now? What going on in the marketEliot Durbin, general partner of Boldstart Ventures and equity investor in Amberdata, told TechCrunch.

“In the next three years, we will see more money in this market than [there has been] succeeded to date because institutions are activating and preparing to do so right now,” Durbin said.

While the exact timing is debatable, Durbin said he believes the top five banks will own the cryptocurrency very soon and will need this institutional data to navigate the market.

“Banks will come in, big institutions will come in and they will need [data] handle their taxes, accounting, treasury management and all the compliance policies that they are now developing,” Durbin said.

According to Douglas, the market is undergoing a paradigm shift that is fundamentally changing the entire structure of financial services. According to him, financial products are created to ensure transparency and openness, and also work around the clock and seven days a week to be accessible.

“It got the attention of every bank, every exchange and every financial services company, every insurance company, every regulator, everyone,” Douglas said. “They all need data to make important decisions, and we provide this comprehensive view of the entire crypto economy.”

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