Sparrow, an options trading platform has raised USD$ 3.5 million in a Series A funding round, according to a company release. The round was led by HDR Group, the parent company of BitMEX – a crypto exchange. The funding also included participation from Signum Capital, Du Capital, and FinLab EOS VC.
Kenneth Yeo, CEO of Sparrow commented on the round:
“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, added:
“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 they are excited to invest in Sparrow, which is developing the next generation of financial products by leveraging EOSIO for their on-chain settlement layer.
Yeo said that since platform launch in June 2019, Sparrows has seen over USD $150 million in options trading volume. Headquartered in Singapore, Sparrow currently offers BTC and ETH options that are settled by smart contracts.
“We are proud of how far we’ve come and look forward to introducing more innovative products to the crypto derivatives market,” said Yeo.