Digital Asset Trading Platform Sparrow Secures $4.4M via Series A Led by Gain Loyal Pte Ltd

Sparrow, a crypto-assets trading platform with head offices in Singapore, recently acquired $4.4 million in capital via a Series A round that was led by Gain Loyal Pte Ltd.

As mentioned in the announcement, Gain Loyal Pte Ltd is an established investment firm that focuses on real estate investments in Asia. With this capital injection, Sparrow plans to accelerate its business growth by investing in its platform, products, services, and professional team.

Kenneth Yeo, CEO at Sparrow, stated:

“We are pleased to have Gain Loyal Pte Ltd as our investor. This long-term partnership puts us in a great position to boost Sparrow’s competitive edge to serve financial institutions and wealth managers better.”

Sparrow’s management confirmed that they would further digitalize their services in order to enhance their platform’s security.

Sparrow aims to use the proceeds to “create more innovative solutions that bridge the gap between traditional finance and digital assets, whilst raising confidence and trust among clients,” the update revealed.

As noted in a release, Sparrow will “accelerate digitalization to enhance the quality of its platform in terms of security, user experience, and compliance.”

With the Series A funding by Gain Loyal Pte Ltd, Sparrow also aims to “attract talent in risk management, trading, technology, and operational excellence.” The announcement also mentioned that Sparrow will enhance its KYC, AML, and CFT regulatory framework and “continue to grow its workforce across all its functions.”

Charles Lim of Gain Loyal Pte Ltd remarked:

“With Sparrow, we embrace the same long-term vision of accelerating the cryptocurrency industry through relentless enhancement of the platform and cutting-edge solutions. We are confident our investment in Sparrow will create exciting opportunities for investors of digital assets and raise confidence and trust among financial institutions and wealth managers in Singapore,”

Lim also noted:

“Sparrow also possesses the expertise and a wealth of experience dealing with digital asset solutions-focused heavily on risk management, compliance, security, and technology — all of which are essentials in the cryptocurrency space.”

As of October 2021, Sparrow generated more than $3.5 billion of notional volume via its trading platform and the firm had over $300 million of assets under management. In addition, as Singapore begins its COVID-19 road to recovery, Sparrow is “well-placed to accelerate its business growth doubling its in headcount in 2021.” It follows “an ongoing hiring process that has continued to attract the best talent to the rapidly growing company,” the announcement noted.

Series A rounds have “generated a total of US$9 million with contributions from 100X Group, FinLab EOS, Arrington XRP, Signum Capital, and Du Capital,” the announcement revealed.

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