Crypto Platform Sparrow Raises US$ 3.5M in Funding Round Led by BitMEX’s Ownerby Fintech News Singapore June 24, 2020
Sparrow, a Singapore based options trading platform for Bitcoin and Ethererum announced that they have secured US$ 3.5 Million in Series A funding. The round was led by the HDR Group, owner and operator of BitMEX, and supported by Signum Capital, Du Capital and FinLab EOS VC.
Sparrow was first launched in June 2019, and saw initial funding by Golden Gate Venture’s crypto and blockchain dedicated fund, LuneX. According to them, since the initial launch they’ve seen over US$ 150 million growth in options trading volume.
Sparrow Options are settled on Ethereum smart contracts and deployed onto a Proof of Authority chain called Nidus.
Kenneth Yeo, CEO of Sparrow said,
“We are really pleased that the round received strong support despite the harsh economic climate caused by COVID-19. The strong interest from investors validates our view that digital asset options will be the next high-growth market.”
“We would like to thank our partners and users for their overwhelming support. Volumes have tripled since the start of the year. With this round of funding, we are in a good position to bring even more exciting trading products to the market.”
Arthur Hayes, CEO of the HDR Group, said,
“We are seeing significant growth in the digital asset options space with a lot of untapped opportunities. We are excited by Sparrow’s growth potential, the team behind it and are therefore proud to be leading this Series A round.