Sparrow, a cryptocurrency options trading platform, announced today it has secured USD 3.5 million in Series A funding to accelerate platform development.
The round was led by the HDR Group, owner and operator of BitMEX, and supported by Signum Capital, Du Capital and FinLab EOS VC.
Kenneth Yeo, CEO of Sparrow said, “We are really pleased that the round received strong support despite the harsh economic climate caused by COVID-19. The strong interest from investors validates our view that digital asset options will be the next high-growth market.”
“We would like to thank our partners and users for their overwhelming support. Volumes have tripled since the start of the year. With this round of funding, we are in a good position to bring even more exciting trading products to the market.”
Arthur Hayes, CEO of the HDR Group, said, “We are seeing significant growth in the digital asset options space with a lot of untapped opportunities. We are excited by Sparrow’s growth potential, the team behind it and are therefore proud to be leading this Series A round.”
Stefan Schuetze, Managing Director of FinLab EOS VC Fund, said, “We are excited to invest in Sparrow, which is developing the next generation of financial products by leveraging EOSIO for their on-chain settlement layer.”
Kenneth added, “Since launching in June 2019, we have seen unprecedented growth with over USD 150 million in options trading volume. We are proud of how far we’ve come and look forward to introducing more innovative products to the crypto derivatives market.”