Singapore-based options trading platform Sparrow recently announced that it has secured $3.5mn in Series A funding round. The company plans to use these funds to accelerate its platform development.
The funding round was led by the HDR Group, owner and operator of BitMEX, with participation from Signum Capital, Du Capital and FinLab EOS VC.
The funding will be used to develop Sparrow’s platform and launch new products and services. Earlier this month,the company had introduced an iOS-optimized mobile interface. Since its launch, Sparrow has seen over $150mn in options trading volume.
Speaking on the investment, 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,” he added.
Commenting on the recent fund infusion, 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.”
Despite the pandemic, the company says it has seen an increase in volume over the past few months, as Bitcoin trading reached record highs in several countries, after an initial sell-off in March.
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