Michael Wu, co-founder and CEO of the Amber Group revealed in an interview with The South China Morning Newspaper The Hong Kong-based crypto service provider is interested in rolling it out to the US public within the next two years.
As Amber’s asset management business enables clients to earn interest on crypto assets deposited, the current regulatory scrutiny makes it uncertain whether the company will be able to offer its flagship product in certain markets.
Appearance to the community
According to Wu, a direct US listing is “definitely on the table, possibly next year or the year after.”
He explained that despite the regulatory uncertainty regarding which products bear interest, the company is looking to expand its presence in the United States.
In order to bite the pie of the US market, Amber Group will play by US rules to serve the country’s customers, Wu added, deciding that the company will not offer crypto-lending products if it is not allowed to do so.
The largest US cryptocurrency exchange, Coinbase, collided with the US Securities and Exchange Commission (SEC) recently and decided to shelf Plans for her benefit-bearing product called Lend.
The rules on lending products have raised a lot of dust after US regulators A threat To take legal action regarding what it considers to be an unregistered security.
“When it comes to cryptocurrencies, I think the US has taken a more conservative approach than regulators in this part of the world or anywhere else,” Wu said, noting the varying level of strictness surrounding crypto rules around the world.
“But most of our business is elsewhere. In each jurisdiction we will assess each case on a case-by-case basis.”
Going global
He explained that bringing to the public is not about allowing some people to “cash out”, but rather to increase brand awareness, attract talent, and lower funding costs.
“The United States is a potential destination, but we are open,” Wu continued, without shying away from the company’s agenda to expand its presence in the global market, amid the racing embrace.
According to Wu, the lending product has already been given the go-ahead in multiple jurisdictions.
Without revealing where Amber’s largest user base is, Wu testified that the company has “a very large presence in both Asia and the broader Americas.”
Hong Kong cryptocurrency Unicorn manages more than $1.5 billion in crypto assets while catering to both institutional and individual investors.
It’s been a 0-to-1 journey, but it’s also just the beginning for us. my team Tweet embed It will focus on building what really matters in the long run. I have to take it from 1 to 100 then #cryptofinance #fintech https://t.co/Yc4eO5kJbK
– Michael Wu (@MichaelWuAmber) June 21, 2021
Three months ago, the company raised $100 million in Series B funding, attracting investors such as China Renaissance Group, Tiger Brokers, Gobi Partners and Coinbase Global.
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