tl;dr
Hidden Road Partners, a startup prime brokerage focused on digital assets, is seeking a $1 billion valuation in its latest fundraising round, following a previous $50 million fundraising in 2022. The firm, which also serves other asset markets like precious metals and foreign exchange, has gained tr...
Hidden Road Partners, a startup prime brokerage focused on digital assets, is seeking a $1 billion valuation in its latest fundraising round, following a previous $50 million fundraising in 2022. The firm, which also serves other asset markets like precious metals and foreign exchange, has gained traction alongside competitors like FalconX, particularly after the collapse of crypto exchange FTX in 2022.
In related news, investments into crypto startup firms totaled $2.5 billion in Q1 of 2024, showing a 32% increase from the previous quarter, with Berachain leading the way in funding and gaining support from tech giant Samsung and various crypto venture capital firms.
A crypto investment firm backed by financial giant Citadel is reportedly eyeing a $1 billion valuation after launching its latest round of fundraising.
According to a new Bloomberg report, anonymous people familiar with the matter say that Hidden Road Partners, a startup prime brokerage focused on digital assets, is raising funds in a Series B equity round that will bring its overall valuation to nearly $1 billion. Per Bloomberg, Hidden Road, which began in 2018 and completed a $50 million fundraising round in 2022, also provides services for other asset markets, such as precious metals and foreign exchange. The report says that prime brokerages, such as Hidden Road and competitor FalconX, have been rising in popularity since the collapse of crypto exchange FTX in 2022 because they take counterparty risk on behalf of clients.
FTX collapsed in November 2022 after its former chief executive, Sam Bankman-Fried, was caught defrauding investors and mishandling billions of dollars worth of client funds. He was sentenced to 25 years in prison earlier this year.
According to data-aggregating platform Pitchbook, led by new layer-1 blockchain Berachain (BERA), investments into crypto startup firms reached $2.5 billion during Q1 of 2024, a 32% increase from Q4 of 2023. Berachain recently raised $100,000 in a series B funding round that featured tech giant Samsung and several crypto venture capital firms, such as HashKey Capital, Animoca Ventures and Nomad Capital.
Disclaimer: The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.