Digital asset data startup Amberdata has raised $15 million in its Series A funding round led by Citi.
According to a September 14 press release, Amberdata has secured $15 million from investors in its Series A funding round, led by Citi. Franklin Templeton, Rovida Kruptos Assets, and Galaxy Digital were among the other participants in the capital raise.
Amerdata is planning to use the proceeds towards doubling its research and development team and expanding its presence in the United States and other countries.
Commenting on the partnership, Amberdata CEO Shawn Douglas noted:
Data analytics plays an important role in both traditional finance and the crypto market. However, with institutional investors showing more interest in digital assets, the appetite for data on the nascent asset class is steadily rising. Citi Group recognizes this need and wants a stake in this developing segment.
Citi’s investment in Amberdata goes on to show that cryptocurrencies have become serious business for multinational investment banks. The biggest institutions are no longer dismissing crypto as speculative vehicles and reaching for a share of the burgeoning market.
On Wednesday, it emerged that Morgan Stanley is setting up a crypto research team to analyze the impact of virtual currencies on both equities and fixed income worldwide. Before that, Bank of America announced a similar initiative in July.
Meanwhile, Goldman Sachs, Citigroup, Standard Chartered, Wells Fargo, and DBS have either started or are in the process of starting crypto services for their clients.