Media: Crypto broker Hidden Road’s valuation could reach $1 billion at the end of its funding round

The amount of the round itself, sources said, is $120 million

17.04.2024 - 15:30

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2 min

What’s new? Hidden Road Partners, a broker backed by market maker Citadel Securities, is preparing to close a $120 million Series B funding round that will bring its value to $1 billion, Bloomberg reported, citing sources. Hidden Road, which offers fiat and cryptocurrency trading services, has not yet commented on the situation.

Material by Bloomberg

What else is known? Hidden Road was founded in 2018 by Mark Ash, who previously worked at SAC Capital and Point72 Asset Management of billionaire Steven Cohen. Hidden Road closed a $50 million funding round in 2022. The company provides brokerage services for markets across a variety of assets, including fiat and digital currencies, as well as precious metals.

Last year, Citadel Securities partnered with investment firm Fidelity and broker Charles Schwab to launch EDX Markets (EDXM), a non-custodial crypto exchange for institutional traders.

CoinGecko: Crypto market capitalization grew by 65% in the first quarter

Spot trading volume on leading exchanges grew by 95% over the same period

At the end of March, analyst Colin Wu reported that venture capital funding for crypto projects was up 53% for the month. The ten largest rounds in March saw companies collectively raise over $526 million.

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