Hidden Road Partners, a prime brokerage for startups in the cryptocurrency sector with investments from Citadel Securities and other major crypto entities, is currently looking to raise additional funds. The company aims to reach a valuation of $1 billion and focuses primarily on the burgeoning markets for cryptocurrencies and foreign exchange (FX).
According to a Bloomberg report, Hidden Road is planning to secure approximately $120 million during its series B funding round. This investment is expected to significantly increase the company’s valuation, bringing it close to the $1 billion mark.
In 2018, Hidden Road was established by Marc Asch, who previously worked for Point72 Asset Management and SAC Capital, which is headed by Steven Cohen. The business managed to complete a $50 million series A investment round in the year 2022.
Some well-known investors took part in this funding round. These included Citadel Securities, FTX Ventures, Uncorrelated Ventures, Greycroft, XBTO Humla Ventures, Wintermute, and Coinbase Ventures. However, it was Castle Island Ventures that spearheaded the investment.
At Hidden Road, we provide top-notch brokerage services for multiple industries such as digital currencies, precious metals, and forex. Since we assume the risk of counterparties on behalf of our clients, we have gained increased interest following the downfall of FTX exchange.
Moreover, Hidden Road offers financial solutions that are highly sought after, given the cryptocurrency market’s rebound following the 2022 credit crisis.
More recently, Binance asked FalconX and Hidden Road to strengthen their regulations to exclude US investors from their platforms. This action came after Binance signed a plea deal with American authorities, resulting in a fine of approximately $4.3 billion.
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2024-04-17 23:00