Hidden Road Partners, a brokerage firm funded by Citadel Securities, intends to obtain new funds to strengthen their business during the cryptocurrency market’s recovery.
According to reports from Bloomberg, quoting anonymous sources, a cryptocurrency and forex brokerage firm is aiming to secure $120 million in Series B funding. Upon completion of this round, the company’s valuation is expected to reach $1 billion. The business caters to institutional clients, providing them with brokerage services for crypto markets, precious metals, and foreign exchange.
After the failure of cryptocurrency exchange FTX in 2022, Bloomberg reported that Hidden Road Partners and FalconX experienced an increase in market activity due to their assumption of counterparty risk.
“They offer financing, a service highly sought after as the crypto market bounces back from the financial crisis caused by the collapse of several lending companies in 2022.”
Hidden Road Partner’s $50 Million Funding
In 2022, Hidden Road Partners was established by Marc Asch. They managed to secure $50 million in funds the same year for expanding their business. Notable investors such as Citadel Securities, FTX Ventures, Greycroft, SLN Capital, Coinbase Ventures, and Capital Island Ventures contributed to their previous funding round.
Institutional investors encounter challenges in securing necessary credit and financing to effectively trade in the complex, fractured global markets. The company aims to address these issues and tackle contemporary hurdles within prime brokerage and credit intermediaries.
Crypto VC Move-In
In 2021, there has been significant interest from venture capitalists (VC firms) in crypto startups due to the market’s recovery. The SEC’s approval of spot Bitcoin ETFs has led to a surge in institutional investment, resulting in record-breaking inflows in the past month before recent sell-offs.
The favorable attitudes resulted in a surge of venture capital (VC) dealings. Based on PitchBook’s figures, VC investments reached an impressive $2.5 billion during the first quarter of 2024. In the second quarter, Berachain secured a significant $100 million investment, among other substantial contributions to various firms.
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2024-04-17 17:51