A crypto funding agency backed by monetary big Citadel is reportedly eyeing a $1 billion valuation after launching its newest spherical of fundraising.
In response to a brand new Bloomberg report, nameless individuals accustomed to the matter say that Hidden Highway Companions, a startup prime brokerage centered on digital property, is elevating funds in a Sequence B fairness spherical that can convey its general valuation to just about $1 billion.
Per Bloomberg, Hidden Highway, which started in 2018 and accomplished a $50 million fundraising spherical in 2022, additionally offers providers for different asset markets, resembling valuable metals and overseas trade.
The report says that prime brokerages, resembling Hidden Highway and competitor FalconX, have been rising in recognition for the reason that collapse of crypto trade FTX in 2022 as a result of they take counterparty threat on behalf of shoppers.
FTX collapsed in November 2022 after its former chief government, Sam Bankman-Fried, was caught defrauding traders and mishandling billions of {dollars} value of consumer funds. He was sentenced to 25 years in jail earlier this yr.
In response to 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% enhance from This fall of 2023.
Berachain just lately raised $100,000 in a sequence B funding spherical that featured tech big Samsung and a number of other crypto enterprise capital corporations, resembling HashKey Capital, Animoca Ventures and Nomad Capital.
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