Amber Group Brings Retail Trading Platform to Brazil

This article is adapted from CoinDesk Brasil, a partnership between CoinDesk and InfoMoney, one of Brazil's leading financial news publications. Follow CoinDesk Brasil on Twitter.

Singapore-based Amber Group, which provides liquidity and market-making services mostly in Asia, has expanded its retail trading operation to Brazil.

Called WhaleFin, the retail platform – allowing users to buy and sell crypto as well as take out loans – has been operational in Brazil since June.

“WhaleFin is our newest product interface that allows customers to connect to our app, web or API to trade, earn, exchange tokens, among other products,” Nicole Pabello, Latin America managing director at Amber Group, told CoinDesk.

In a statement, Amber Group CEO Michael Wu said he welcomed the size of Brazil’s market, adding that he expects it to grow further once the country approves a special regulatory framework for crypto.

In February of this year, Amber Group raised $200 million at a $3 billion valuation in a funding round led by Singapore-based sovereign wealth fund Temasek. In June 2021, the company closed a $100 million Series B round at a $1 billion valuation.

This article was translated by Andrés Engler and edited by CoinDesk. The original Portuguese can be found here.