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Singapore-based options trading platform Sparrow raises $3.5 million Series A

Singapore-based options trading platform Sparrow raises $3.5 million Series A

Sparrow Exchange, a Bitcoin and Ethereum choices buying and selling platform based mostly in Singapore, introduced right this moment it has raised $3.5 million in Series A funding.

The spherical was led by HDR Group, the proprietor of cryptocurrency change BitMEX, with participation from Signum Capital, Du Capital and FinLab EOS VC.

The funding shall be used to develop Sparrow’s platform and launch new services. Earlier this month, for instance, it launched an iOS-optimized cellular interface, and has different releases coming quickly. Since launching a 12 months in the past, Sparrow has seen over $150 million in choices buying and selling quantity.

In a press assertion, FinLab EOS VC Fund managing director Stefan Schuetze stated, “We are excited to put money into Sparrow, which is growing the subsequent technology of monetary merchandise by leveraging EOSIO for his or her on-chain settlement layer.”

Despite the pandemic, the corporate says its seen a rise in quantity over the previous few months, as Bitcoin buying and selling reached document highs in a number of international locations, after an preliminary sell-off in March.

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