A crypto funding agency backed by monetary large Citadel is reportedly eyeing a $1 billion valuation after launching its newest spherical of fundraising.
In line with a brand new Bloomberg report, nameless individuals acquainted with the matter say that Hidden Highway Companions, a startup prime brokerage centered on digital belongings, is elevating funds in a Collection B fairness spherical that can carry its general valuation to almost $1 billion.
Per Bloomberg, Hidden Highway, which started in 2018 and accomplished a $50 million fundraising spherical in 2022, additionally offers companies for different asset markets, equivalent to valuable metals and international trade.
The report says that prime brokerages, equivalent to Hidden Highway and competitor FalconX, have been rising in recognition because the collapse of crypto trade FTX in 2022 as a result of they take counterparty threat on behalf of purchasers.
FTX collapsed in November 2022 after its former chief govt, Sam Bankman-Fried, was caught defrauding traders and mishandling billions of {dollars} price of consumer funds. He was sentenced to 25 years in jail earlier this 12 months.
In line with data-aggregating platform Pitchbook, led by new layer-1 blockchain Berachain (BERA), investments into crypto startup corporations reached $2.5 billion throughout Q1 of 2024, a 32% improve from This fall of 2023.
Berachain just lately raised $100,000 in a sequence B funding spherical that featured tech large Samsung and several other crypto enterprise capital corporations, equivalent to HashKey Capital, Animoca Ventures and Nomad Capital.
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