Hidden Road Partners, a startup prime brokerage backed by Citadel Securities, a major financial services firm, and other notable crypto organizations, is seeking further funding amid a rebound in the cryptocurrency scene. With a $1 billion value goal, the firm is concentrated on the cryptocurrency and foreign exchange (FX) industries.
A Bloomberg report states that the company is looking to raise about $120 million in a series B stock financing. It is anticipated that this financing will raise Hidden Road’s valuation to almost $1 billion.
Founded in 2018 by Marc Asch, a former employee of Point72 Asset Management and SAC Capital, a company owned by Steven Cohen, Hidden Road successfully closed a $50 million series A fundraising round in 2022.
Among the investors in the round were notable names including Citadel Securities, FTX Ventures, Uncorrelated Ventures, Greycroft, XBTO Humla Ventures, Wintermute, and Coinbase Ventures. Notably, Castle Island Ventures led the investment.
Hidden Road offers first-rate brokerage services for various sectors, including digital assets, precious metals, and foreign exchange. Because it assumes counterparty risk on behalf of clients, the firm attracted more attention after the FTX exchange collapsed.
In addition, Hidden Road provides finance services, which have been in great demand as the cryptocurrency market has recovered from the credit crisis of 2022.
Recently, Binance requested that rival FalconX and Hidden Road impose stricter controls to prevent US investors from using the exchange. This request was made following Binance’s plea agreement with US authorities, which involved paying $4.3 billion in fines, this request was made.
