Sparrow, a crypto options trading platform has recently announced through a blog post on June 23 that they have successfully raised $3.5 million in the Series A funding round. It has been revealed that this funding round was led by HDR Group which is the parent company of BitMEX. Along with this, there were other venture firms like Du Capital, FinLab EOS VC and Signum Capital.
The firm has said that as compared to OTC options, Sparrow’s options are quite more liquid. Kenneth Yeo, the CEO of Sparrow has said that his exchange is able to fulfil 90% of orders within a few minutes which is done with the help of a huge network of liquidity providers.
Volumes of Sparrow are growing rapidly
It has been seen that over some time, crypto derivatives have been growing rapidly. It has been reported recently that the bitcoin futures and options market is growing at a very great speed. Yeo has said that the volume of his exchange grew by three times in 2020. Ever since the launch of the exchange, it has seen a trading volume of around $150 million. According to Arthur Hayes, CEO of BitMEX has also said that there has been significant growth in the crypto options market and there are a lot more growth opportunities which are coming in the near future.
There might be more products and services
Sparrow has also said that the exchange is planning to offer some more new products and services. It has been said by Yeo that the firm is looking forward to expanding its team area of services in sales, marketing, platform development and a lot more. The exchange is also applying for the Payments Services License with the Singaporean authorities. Along with this, it has also filed a Notice of Exemption with Singapore’s Monetary Authority.
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