Sparrow Exchange, a Bitcoin and Ethereum options trading platform based in Singapore, announced today it has raised $3.5 million in Series A funding.
The round was led by HDR Group, the owner of cryptocurrency exchange BitMEX, with participation from Signum Capital, Du Capital and FinLab EOS VC.
The funding will be used to develop Sparrow’s platform and launch new products and services. Earlier this month, for example, it introduced an iOS-optimized mobile interface, and has other releases coming soon. Since launching a year ago, Sparrow has seen over $150 million in options trading volume.
In a press statement, FinLab EOS VC Fund managing director Stefan Schuetze 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."
Despite the pandemic, the company says it has seen an increase in volume over the past few months, as Bitcoin trading reached record highs in several countries, after an initial sell-off in March.