Sparrow cryptocurrency options exchange raised $ 3.5 million supported by BitMEX

06/23/2020

ForkLog

BitMEX is operated by HDR Groupled the Sparrow cryptocurrency options exchange financing round of Series A. According to its results, she raised $ 3.5 million.

Also participating in the round were venture firms Signum Capital, Du Capital and FinLab EOS VC.

</p>

Singapore based exchange usesEOSIO protocol and offers options for BTC and ETH, the calculation of which is carried out using smart contracts. Sparrow plans to direct the funds received to expand the offered products.

According to Kenneth Yeo, CEO of Sparrow, since the launch in June 2019, the trading volume of the exchange has exceeded $ 150 million, having tripled since the beginning of the year.

"We are very pleased that this round has received such strong support, despite the difficult economic climatedue to COVID-19.Investor interest confirms our belief that digital asset options will becomethe next fastest-growing market," Kenneth Yeo said.

BitMEX CEO Arthur Hayes, in turn, noted that in the space of cryptocurrency options contains "a lot of unrealized opportunities."

In December 2019, Hayes said that BitMEX is also considering the possibility of launching bitcoin options, but the exchange has not yet implemented these plans.

Recall that in May, the total trading volume of bitcoin options reached a record $ 3 billion.