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