Citadel Securities-backed brokerage firm Hidden Road Partners plans to raise fresh capital to bolster operations amid a bounce back in the cryptocurrency market.
The crypto and forex brokerage firm is looking to raise $120 million in Series B funding that will increase its valuation to $1 billion, Bloomberg reported citing unnamed sources. The company offers brokerage services to institutional clients in the crypto market, precious metals, and foreign exchange.
According to Bloomberg, Hidden Road Partners and FalconX gained momentum in the market after the collapse of the cryptocurrency exchange FTX in 2022 because of counterparty risk undertaken by both firms.
“Their services include providing financing, which has been much in demand as the crypto market recovers from the credit crunch left by the blowup of several lending firms in 2022.”
Hidden Road Partner’s $50 Million Funding
Founded in 2022 by Marc Asch, Hidden Road Partners raised $50 million in 2022 to boost its ope
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