FinLab AG: FinLab EOS VC expands to Asia: Sparrow raises USD 3.5 million in Series A funding from FinLab EOS VC and others
DGAP-Media / 24.06.2020 / 09:00
Singapore/Frankfurt, Germany, June 23rd, 2020 - Sparrow, the leading options trading platform has secured USD 3.5 million in Series A funding to accelerate platform development.
The round was led by the HDR Group, owner and operator of BitMEX, and supported by Signum Capital, Du Capital and FinLab EOS VC, a partnership with blockchain software publisher Block.one and FinLab AG (ISIN: DE0001218063; Ticker: A7A.GR), one of the first and largest investors in financial services technologies and blockchain in Europe. Sparrow is the first investment from FinLab EOS VC in Asia.
Kenneth Yeo, CEO of Sparrow said, "We are really pleased that the round received strong support despite the harsh economic climate caused by COVID-19. The strong interest from investors validates our view that digital asset options will be the next high-growth market."
"We would like to thank our partners and users for their overwhelming support. Volumes have tripled since the start of the year. With this round of funding, we are in a good position to bring even more exciting trading products to the market."
Arthur Hayes, CEO of the HDR Group, said, "We are seeing significant growth in the digital asset options space with a lot of untapped opportunities. We are excited by Sparrow's growth potential, the team behind it and are therefore proud to be leading this Series A round."
Stefan Schuetze, Managing Director of FinLab EOS VC Fund, said, "We are excited to invest in Sparrow, which is developing the next generation of financial products by leveraging EOSIO for their on-chain settlement layer."
Kenneth added, "Since launching in June 2019, we have seen unprecedented growth with over USD 150 million in options trading volume. We are proud of how far we've come and look forward to introducing more innovative products to the crypto derivatives market."
Sparrow | www.sparrowexchange.com is the leading options trading platform, providing the simplest way to control risk and monetize your digital assets. Headquartered in Singapore, Sparrow offers BTC and ETH options that are settled by smart contracts. Sparrow's proprietary platform is accessible through a simplified interface, advanced order book, or trading APIs.
About HDR Group:
HDR Group is controlled by Republic of Seychelles-incorporated HDR Global Trading Limited, a financial services business that operates the BitMEX crypto-products trading platform. Through BitMEX, HDR Global offers a best-in-class trading interface and suite of financial products, including bitcoin futures contracts and perpetual swaps.
About Signum Capital:
Signum Capital is an investment firm based out of Singapore. Signum's portfolio comprises of both equity and digital assets in the blockchain space, with a diverse investment approach ranging from exchanges, infrastructure projects to mining farms.
About Du Capital:
Du Capital is a Singapore-based multi-stage investment firm backing companies and entrepreneurs that venture in innovative technologies such as the distributed ledger technologies (DLT).
About Block.one and EOS VC:
Block.one's EOS VC program offers developers and entrepreneurs the funding they need to create community-driven businesses leveraging EOSIO. It makes direct investments and provides support to companies building on EOSIO software through its venture capital partnership funds. For further information, please visit Block.one and vc.eos.io.
About FinLab AG:
Stock market listed company FinLab AG (WKN 121806 / ISIN DE0001218063 / ticker symbol: A7A) is one of the first and largest investors focused on the Financial Services Technologies ("FinTech") and blockchain sector in Europe. FinLab's focus in this context is providing venture capital for start-ups. FinLab's aim is long-term participation and ongoing support of its investments. FinLab in this regard supports its investments in their respective development phase with their network and know-how. In addition, FinLab acts as an asset manager and manages assets in the three-digit million-dollar range.
Phone: +49 69 719 12 80 0
End of Media Release
Issuer: FinLab AG
Key word(s): Finance
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