The recent Nasdaq listing of Amber Group (AMBR) opens doors for additional cryptocurrency firms to pursue similar avenues, according to Paul Veradittakit, a partner at Pantera Capital.
Pantera was an early backer of the Hong Kong-based company that offers cryptocurrency financial services to institutions. Amber International, its subsidiary, made its debut on the exchange on March 13.
Listings for crypto-focused firms are likely to draw in institutional investors who previously had no formal entry point into the crypto market, while also infusing the industry with much-needed capital, which analysts observe is currently lacking, Veradittakit noted in a recent discussion.
“We can expect a significant number of U.S.-based companies to enter the public markets,” he indicated, mentioning that ten firms within Pantera’s portfolio are contemplating such a step.
Entities involved in crypto custody, stablecoin issuance, and developer platforms are exploring this route, he added. On Tuesday, Circle, the issuer behind the USDC stablecoin, announced its intentions to file for a public offering on the New York Stock Exchange.
Veradittakit highlighted that clearer and more favorable regulations in the U.S. create essential “tailwinds” for cryptocurrency IPOs, offering opportunities for international companies like Amber to go public in the nation.
Amber’s market entry also demonstrates that the cryptocurrency sector does not operate as a zero-sum game between Asia and the U.S.; instead, it serves as a conduit linking U.S. liquidity with Asian innovation and expertise, according to CEO Wayne Huo, who pointed out that the overall financial ecosystem is expansive enough to foster collaboration.
“Historically, technological advancements have accelerated most rapidly when the East and West cooperate,” he stated.
Amber aims to leverage the visibility and capital from its listing to advance international growth and enhance crypto financial services targeted at institutions. The company’s shares closed at $11.38 on Tuesday, translating to a market valuation of about $1 billion.
“This is merely the beginning of a much larger journey ahead of us,” Huo remarked.