Former Goldman Sachs and Morgan Stanley executives have joined Amber Group, which was founded by ex-Goldman executives.
Dimitrios Kavvathas, a former Goldman Sachs partner, has been named Chief Strategy Officer of Amber Group, based in Hong Kong. Todd Miller, a former Morgan Stanley managing director, will also serve as Chief Operating Officer for the Americas. Meanwhile, Kavvathas’ younger brother Sotirios, who has held leadership positions at auditor BDO and Royal Bank of Scotland, will serve as Europe’s operations chief.
In addition, the company hired three more regional directors for Europe, all of whom have strong financial backgrounds. The hires are part of a growing trend of Wall Street veterans making the transition to digital assets.
Leaving Morgan Stanley behind
The Amber Group was founded in 2018 by five Morgan Stanley traders who saw a gap in the development of cryptocurrency markets. It is part of a group of companies that provide professional financial services to institutional crypto traders and investors. Over-the-counter trading is one of these services, as is the provision of derivatives and structured products.
However, the company has begun to thrive in the last year, adding 250 employees in the last eight months. According to CEO Michael Wu, this brings the company’s global headcount to nearly 450 people. The new hires will be responsible for developing global strategy as well as interacting with regulators and institutional clients. Wu also stated that Amber manages approximately $1.5 billion in trading capital and anticipates a tenfold increase in revenue to $500 million this year.
Amber’s financial support
Amber received a boost in June when it raised $100 million in a Series B funding round led by China Renaissance. Amber’s valuation increased to $1 billion as a result of the investment, which included participation from DCM Ventures and Tiger Global Management.
According to Wu, the funds will 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 an early investor as well, contributing $28 million to the startup’s Series A round in 2019.