Digital asset data startup Amberdata has raised $15 million in its Series A funding round led by Citi. 
<h2>Digital Asset Firm Amberdata Secures $15 Million From Series A Funding</h2>
According to a September 14 <a href="https://www.prnewswire.com/news-releases/amberdata-raises-15m-series-a-led-by-citi-301375605.html" target="_blank" rel="nofollow noopener">press release</a>, 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:

“Partnering with the exceptional group of strategic investors gives us unprecedented insights into institutions’ roadmap and challenges. Blockchain technology enables entirely new financial products to be created and offered at a much lower cost with a 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.”

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.

"Data and insights will continue to play a pivotal role in creating transparency and strengthening risk management frameworks for digital assets," Siris Singh, Americas Head of Markets Strategic Investments at Citi, stated. "We are excited to be leading their Series A and supporting the team on their next phase of growth"
<h2>Crypto Is Here to Stay</h2>
Citi’s investment in Amberdata goes on to show that <a href="https://www.cryptoknowmics.com/news/citigroup-is-collaborating-with-authorities-to-launch-bitcoin-futures-trading/">cryptocurrencies</a> 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 <a href="https://www.cryptoknowmics.com/news/singapores-dbs-bank-expects-substantial-growth-on-crypto-platform/">DBS</a> have either started or are in the process of starting crypto services for their clients.

Digital Asset Firm Amberdata Raises $15 Million Series A 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.

Divya is a postgraduate from Jawaharlal Nehru University specializing in International Relations and a professional writer with more than 5 years of experience writing for the web. She is an avid reader interested in the global financial system and the effects of decentralization. At Cryptoknowmics, she hopes to deliver clear and understandable content to inform readers about the latest events in the crypto sector.

Digital Asset Firm Amberdata Raises $15 Million Series A Led By Citi

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