Sparrow raises USD 3.5 mil in Series A funding
SINGAPORE, June 22, 2020 /PRNewswire/ -- Sparrow, the leading options trading platform has secured USD 3.5 million in Series A funding to accelerate platform development.
The round was led by the HDR Group, owner and operator of BitMEX, and supported by Signum Capital, Du Capital and FinLab EOS VC.
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."
Stefan Schuetze, Managing Director of FinLab EOS VC Fund, said, "We are excited to invest in Sparrow, which is developing the next generation of financial products by leveraging EOSIO for their on-chain settlement layer."
Kenneth added, "Since launching in June 2019, we have seen unprecedented growth with over USD 150 million in options trading volume. We are proud of how far we've come and look forward to introducing more innovative products to the crypto derivatives market."
About Sparrow
Sparrow | www.sparrowexchange.com is the leading options trading platform, providing the simplest way to control risk and monetize your digital assets.
Headquartered in Singapore, Sparrow offers BTC and ETH options that are settled by smart contracts. Sparrow's proprietary platform is accessible through a simplified interface, advanced order book, or trading APIs.
About HDR Group
HDR Group is controlled by Republic of Seychelles-incorporated HDR Global Trading Limited, a financial services business that operates the BitMEX crypto-products trading platform. Through BitMEX, HDR Global offers a best-in-class trading interface and suite of financial products, including bitcoin futures contracts and perpetual swaps.
About Signum Capital
Signum Capital is an investment firm based out of Singapore. Signum's portfolio comprises of both equity and digital assets in the blockchain space, with a diverse investment approach ranging from exchanges, infrastructure projects to mining farms.
About Du Capital
Du Capital is a Singapore-based multi-stage investment firm backing companies and entrepreneurs that venture in innovative technologies such as the distributed ledger technologies (DLT).
About Block.one and EOS VC
Block.one's EOS VC program offers developers and entrepreneurs the funding they need to create community-driven businesses leveraging EOSIO. It makes direct investments and provides support to companies building on EOSIO software through its venture capital partnership funds. For further information, please visit Block.one and vc.eos.io.
About FinLab AG
The listed FinLab AG (WKN 121806 / ISIN DE0001218063 / ticker symbol: A7A) is one of the first and largest investors in financial services technologies ("fintech") and blockchain in Europe. FinLab focuses on providing venture capital to start-ups. It strives to actively and in the long-term support its investments. In doing so, FinLab supports its investments in their respective development phases with their network and know-how. In addition, FinLab acts as an asset manager and manages assets in the three-digit million range.
Contact [email protected] for more.
SOURCE Sparrow
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