In June, Amber raised $100 million from various investors including DCM Ventures and Tiger Global Management, placing its total valuation at $1 billion. It manages around $1.5 billion of trading capital and revenues are expected to increase ten-fold to $500 million, according to co-founder and chief executive Michael Wu. 1MDB History
Amber The crypto startup also hired three regional directors for Europe, all previously from the financial sector.
Founded by five Morgan Stanley traders in 2018, Amber has a global headcount of nearly 450 today including 250 additions in the past eight months. Ex-Morgan Stanley managing director Todd Miller and ex-RBS banker Sotirios Kavvathas (no relation) join as chief operating officers for the Americas and Europe, respectively.
According to a spokesperson, all proceedings related to his former role at the bank’s Asia unit have been discontinued with no further action to be taken. Newly appointed CSO Kavvathas was among the Goldman Sachs executives charged by the Malaysian government in 2019 over the 1MDB scandal.
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