A crypto investment firm backed by financial giant Citadel is reportedly aiming for a $1 billion valuation after launching its latest funding round.
Hidden Road Partners, a start-up prime brokerage specializing in digital assets, has raised a Series B equity round, according to a new report from Bloomberg, citing anonymous people familiar with the matter. The total valuation is expected to be close to $1 billion.
Hidden Road, which launched in 2018 and completed a $50 million funding round in 2022, also serves other asset markets such as precious metals and foreign exchange, according to Bloomberg.
Prime brokerages such as Hidden Road and competitor Falcon It is said that there is.
FTX went into bankruptcy in November 2022 after former CEO Sam Bankman Fried was arrested on charges of defrauding investors and mishandling billions of dollars worth of customer funds. He was sentenced to 25 years in prison earlier this year.
Investments in crypto startups reached $2.5 billion in the first quarter of 2024, an increase of 32% from the fourth quarter of 2023, according to data aggregation platform Pitchbook, led by the new layer-1 blockchain Berachain (BERA).
VeraChain recently raised $100,000 in a Series B funding round featuring tech giant Samsung and several crypto venture capital firms including Hashkey Capital, Animoca Ventures, and Nomad Capital.
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