How do TDMM and Amber Group compare at a glance?
| TDMM | Amber Group | |
|---|---|---|
| Founded | Active since 2015 | 2017, headquartered in Singapore |
| Business | Market maker for token projects | Institutional digital asset firm: OTC, execution, lending, wealth and asset management, market making, ventures |
| Group structure | Part of TradeDog Group | Private group with a Nasdaq-listed subsidiary, Amber International (AMBR), since March 2025 |
| Issuer market making | Core service, with listing support, treasury and exit management | Listed among group services; an agentic market making platform, A-MM, was introduced in June 2026 |
| Published scale | $10B+ traded; 100+ CEX and DEX integrations; 200+ markets | Listed subsidiary: $1.3B client assets, 988 active clients, $66.1M revenue in 2025 |
| Licences | Not published | Dubai VARA licence and Singapore MAS payment institution licence held by subsidiaries of the listed company |
| Typical client | Token projects, foundations and investors | Institutions, high-net-worth individuals, funds, exchanges and projects |
| Commercial model | Retainer; token loan structures by agreement | Not published |
Who is Amber Group?
Amber Group was founded in 2017 and is led by co-founder and CEO Michael Wu. It raised $200 million at a $3 billion valuation in February 2022 in a round led by Temasek, and a further $300 million in December 2022. Its group services cover wealth and asset management, market making, advisory, investment and infrastructure, and its product pages centre on OTC trading, algorithmic execution, structured yield products and lending.
Its wealth business merged into a Nasdaq-listed company in March 2025, now Amber International Holding Limited, which reported $1.3 billion of client assets, 988 active clients and $66.1 million of revenue for 2025 and holds licences in Dubai and Singapore through subsidiaries. In September 2026 that company rebranded as AMBR and described a move toward AI agents. Filings do not say that the group's market making desk sits inside the listed company, so the two should not be treated as the same business. For token projects, Amber introduced A-MM in June 2026, a market making infrastructure platform with a live performance dashboard that it positions alongside traditional market makers.
Where is Amber Group strong?
Institutional balance sheet
Backed by Temasek and others, with a product range spanning OTC, execution, lending and wealth.
Public financial reporting
The listed subsidiary files audited annual reports with the US SEC, which few crypto firms do.
Asian reach
Headquartered in Singapore with licensed subsidiaries in Dubai and Singapore and applications pending in Hong Kong.
Data transparency moves
A partnership with Forgd to publish historical market making execution data, and a live dashboard in A-MM.
Where does TDMM differ from Amber Group?
A service built only for issuers
Token projects are TDMM's whole client base. At Amber they are one group among institutions, funds and wealthy individuals.
Small and emerging tokens
Amber International averages about $1.3 million of assets per active client. TDMM works with small-cap tokens and publishes benchmarks for books trading a few thousand dollars a day.
Listing support and exit management
TDMM prepares projects for listings and runs investor exits on the same book as market making.
One named counterparty
A TDMM mandate is with one firm. With a multi-entity group, a project should confirm which entity provides market making.
How has Amber Group changed since 2022?
- Feb 2022
$200 million raised at a $3 billion valuation
Round led by Temasek.
- Dec 2022
Restructuring and new funding
Press reports described job cuts of about 40%; the firm said under 10% of its trading capital had been on FTX. It then raised $300 million.
- Mar 2025
Nasdaq listing
The wealth business merged with iClick and began trading as Amber International (AMBR).
- Apr 2026
Dubai licence
Amber Premium FZE received a VARA licence covering broker-dealer, management and lending services.
- Jun 2026
A-MM introduced
An agentic market making platform for token projects.
- Sep 2026
AMBR rebrand
The listed company described a pivot toward AI agents.
TDMM or Amber Group: which fits which project?
| Your situation | Likely better fit | Why |
|---|---|---|
| Large-cap token wanting an Asian institutional liquidity provider | Amber Group | Scale, OTC and lending under one group |
| Foundation needing structured yield or lending on treasury assets | Amber Group | Wealth and lending products for large balances |
| Small-cap or pre-launch token | TDMM | Issuer-only service with listing preparation |
| Want CEX and DEX market making with per-venue commitments | TDMM | One book across order books and pools |
| Want software-driven market making beside an existing provider | Amber's A-MM | Positioned to work alongside traditional market makers |
What should you ask both firms before signing?
Which entity provides the market making?
Ask for the legal entity, its jurisdiction and its licences.
Do you take projects of my size?
Ask for the minimum market cap, volume or fee.
What will you commit to per venue?
Spread, depth and uptime, with reports that can be checked.
How are other business lines kept apart?
A firm that also invests, lends and trades OTC should explain how those desks are separated from the market making book.
Which other TDMM comparisons can you read?
TDMM publishes 16 one-to-one comparisons. Each uses the same structure so they can be read side by side.
Frequently asked questions
What is Amber Group?
Amber Group is a digital asset firm founded in 2017 and headquartered in Singapore. It offers OTC trading, execution, lending, wealth and asset management, market making and venture investment to institutions, funds, wealthy individuals and projects.
Is Amber Group the same as Amber International (AMBR)?
No. Amber International Holding Limited is a Nasdaq-listed subsidiary of Amber Group, formed by a merger completed in March 2025. Some group products are operated by other subsidiaries. In September 2026 the listed company rebranded as AMBR.
Does Amber Group do market making for token projects?
Market making is listed among Amber Group's services, and in June 2026 it introduced A-MM, a market making infrastructure platform for token projects with a live dashboard. It publishes no deal terms, venue list or minimum size.
How is TDMM different from Amber Group?
Amber Group is a broad institutional firm. TDMM is a market maker for token projects only, covering CEX and DEX market making, listing support, treasury and exit management, including for small-cap tokens.
Is Amber Group regulated?
Subsidiaries of the listed company hold a Dubai VARA licence, received in April 2026, and a Singapore MAS major payment institution licence. Hong Kong applications were pending as of its April 2026 filing.
Which is better for an early-stage token, TDMM or Amber Group?
An early-stage or small-cap token is more likely to fit TDMM's issuer-focused service. Amber Group is a better match for large tokens and foundations that also need institutional OTC, lending or wealth products.
Related TDMM offerings and guides
Offerings
Details about Amber Group come from its website and public records read on 9 October 2026 and may have changed. Amber Group is not affiliated with TDMM and its name is used for identification only. TDMM publishes this page and has an interest in the comparison. This is not investment, legal or tax advice.