Amber Group Borrow Request

Borrower Requests
1

Hello TrueFi community,

Amber Group is a crypto finance company. We were founded in 2015 with the goal to help our clients buy and sell crypto, earn yield, manage risk, and access liquidity. Today, we have one of the largest footprints in the crypto secondary markets.

We’re a team of >200 engineers, quantitative researchers, traders, and crypto enthusiasts on a mission to enable frictionless markets. Operating around the clock and around the globe, we have a presence in Hong Kong, Shenzhen, Taipei, Korea, Singapore, and Vancouver. Servicing the entire ecosystem, our clients include exchanges, token issuers, miners and mining pools, wallets, exchanges, hedge/venture funds and OTC desks. We offer OTC streaming, agency execution, electronic market making, structured products, borrowing and lending across all major coins and altcoins.

On an average day, we trade between $500mm - $2bn in spot, futures, swaps, options and other derivatives. We are major participants on all major spot and derivative exchanges, and manage about $1bn in total trading capital (varies by the day depending on where BTC and ETH is trading!).

We’re a very active borrower/lender in the markets. This is because of our footprint in trading futures and perpetual swaps, whose relationship against the underlying spot market represents an implied interest rate for borrowing/lending. This is also the reason we can regularly be seen on the Bitfinex leaderboard. Expertise in crypto derivatives have allowed us to recently launch a mobile app ‘Amber App’, offering customized interest rate deposits and option-linked structures to our >50,000 Asia based clients across, BTC, ETH and stablecoins (including TUSD).

Similar to other borrowers on TrueFi, we have a market neutral mandate. Our principal trading strategies include, but are not limited to: statistical arbitrage, funding/basis, high-frequency trading, market making, short-term CTA and dispersion strategies, and options trading.

We also have a large footprint in DeFi; outside of lending, staking, yield farming and arbitrage, we have also incubated KeeperDAO together with Talo Systems. KeeperDAO is an on-chain liquidity underwriter focused on MEV [https://twitter.com/Keeper_DAO], which in 3 months time has accumulated a treasury balance of >$35mm, launched a virtual mempool (The Hiding Game) and currently working on integrations with other major DeFi protocols.

Amber is backed by category-defining investors, including Paradigm, Pantera, Polychain, Dragonfly, Coinbase Ventures, Blockchain.com, and Fenbushi. Amber is registered with both FinCen and FINTRAC as an MSB.

We are requesting a borrow of 3,000,000 TUSD for 60 days at 14% annualized interest as our first loan. We have greatly enjoyed working with the TrustToken team over the past 4 years and look forward to growing further alongside the TrueFi community.

4 Likes
2
Amber Group Borrow Req
  • Yes, proceed with request as is
  • Yes, but adjust the terms (comment below and will repoll)
  • No - Do not approve this request at this time

0 voters

3

Hello @AmberGroup ! Thank you for your request. You have my full support, but I would personally like to see a rate adjusted to at least 15%, more in line with the latest requests, and particularly being your first loan with us. Looking forward to building a long lasting relation between yourselves and the community!

3 Likes
4

Also, as @orion.da requested to other participants, if we approve this loan would Amber Group be able to help us with a public endorsement, both of our platform and our $TRU coin on their 1)Twitter account and other Social Media 2) issue a joint press release? That would be very appreciated as we are gaining traction as a protocol.

4 Likes
5

You have my support as well with an adjustment to 15%. We have a lot of requests in the pipeline right now so would like to ask for this rate in order to move forward.

2 Likes
6

Hello @AmberGroup . You have my full support. As @carlj mentioned we would really love a public endorsement from your end for both $TRU and $TUSD. This will also strengthen the relationship and allow us to associate more closely. Also, we have a lot of loans in pipeline so as for interest term > 15% APY requests will be prioritized, hence let us know if you will be willing to agree to these terms.

1 Like
7

Hi @AmberGroup,
Since our lending pool is already over-utilized (we need some liquid so lenders can withdraw) and since there are a large number of borrow requests coming in at 15%, it looks like the community will not be approving your current on-chain request at 14%. I don’t think there’s a consensus yet on what rate would be accepted to continue lending from the over-utilized pool; I currently plan to vote yes at 16.5%.

2 Likes
8

I vote yes on the proposal.