Crypto Investment Firm Eyes $1 Billion Valuation
A Citadel-backed crypto investment firm is reportedly aiming for a $1 billion valuation following its latest fundraising round.
Hidden Road Partners, specializing in digital assets, is allegedly raising funds in a Series B equity round, potentially reaching a valuation close to $1 billion.
Started in 2018, Hidden Road also offers services for other asset markets like precious metals and foreign exchange.
Prime brokerages like Hidden Road and FalconX have gained traction since the 2022 collapse of crypto exchange FTX, as they assume counterparty risk for clients.
FTX’s downfall occurred after its former CEO, Sam Bankman-Fried, was found guilty of defrauding investors and mishandling client funds, resulting in a 25-year prison sentence earlier this year.
READ MORE: Tether to Launch Non-Custodial Tokenization Platform
According to Pitchbook data, investments in crypto startups reached $2.5 billion in Q1 2024, a 32% increase from Q4 2023.
Berachain, a new layer-1 blockchain, recently secured $100,000 in a Series B funding round, with support from tech giant Samsung and several crypto venture capital firms like HashKey Capital, Animoca Ventures, and Nomad Capital.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
