Singapore's leading options trading company Sparrow has confirmed securing $3.5 million in Series A financing led by the HDR Group, owner and operator of BitMEX with participation from Signum Capital, Du Capital, and FinLab EOS VC. Before this financing, the firm had grabbed $5.5 million in seed capital in 2018 and a $190K the same year as pre-seed capital. The current infusion takes the total amount raised by the firm to $9.2 million.
Kenneth Yeo had started the company in 2018 as a platform in which one can use to control risk and monetize digital assets. It offers BTC and ETH options that are settled by smart contracts. The firm plans to develop and launch new products and services using the freshly raised capital. The firm claims to have made over $150 million in options trading volume in the last year.
Kenneth Yeo, the CEO of the firm talking about the funding said that "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."
HDR Group CEO Arthur Hayes 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."
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