Hidden Road Partners, a crypto investment firm backed by Citadel, is reportedly raising funds in a Series B equity round that could value the company at nearly $1 billion.
Rise of Prime Brokerages
Hidden Road, founded in 2018, offers prime brokerage services for digital assets, precious metals, and foreign exchange. The popularity of prime brokerages has surged since the collapse of FTX in 2022, as they assume counterparty risk on behalf of clients.
Crypto Startup Investment Trends
According to Pitchbook, investments in crypto startups reached $2.5 billion in the first quarter of 2024, a 32% increase from the previous quarter. Berachain, a layer-1 blockchain, recently raised $100,000 in a Series B funding round supported by Samsung and crypto venture capital firms.
