Former executives from Goldman Sachs and Morgan Stanley have joined Amber Group, itself established by former-Goldman execs.
Former Goldman Sachs partner Dimitrios Kavvathas has been appointed as Chief Strategy Officer of Amber Group, based in Hong Kong. Additionally, ex-Morgan Stanley managing director Todd Miller will serve as Chief Operating Officer for the Americas. Meanwhile, Kavvathas’s younger brother Sotirios, who held leadership roles at auditor BDO and Royal Bank of Scotland, will act as the operations chief for Europe.
The company also hired another three regional directors for Europe, all with strong financial backgrounds. The hires are part of a growing trend of Wall Street veterans transitioning into digital assets.
Moving on from Morgan Stanley
The Amber Group was founded in 2018 by five Morgan Stanley traders, after perceiving a niche in the development of crypto markets. It belongs to a cadre of firms offering professional financial services for institutional crypto traders and investors. These services include over-the-counter trading, as well as offering derivatives and structured products.
However, within the past year that the company has started thriving, adding 250 employees in the past eight months. According to CEO Michael Wu, this brings its global headcount to nearly 450. The new employees will focus on developing global strategy, as well as engage with regulators and institutional clients. Wu added that Amber manages about $1.5 billion of trading capital, and also expects revenue to grow tenfold to $500 million this year.
Amber’s funding
In June, Amber received a boost, raising $100 million during a Series B funding round led by China Renaissance. The investment, which also included participation from DCM Ventures and Tiger Global Management, boosted Amber’s valuation to $1 billion.
Wu said that the investment would be used to “expand global operations to meet client demand and develop market solutions for the world’s leading crypto investors and companies.”. Coinbase Ventures was also an early investor, raising $28 million for the startup during its Series A round in 2019.
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