In spite of the pandemic, the company says it has actually seen an increase in volume over the past couple of months, as Bitcoin trading reached record highs in a number of nations, after a preliminary sell-off in March.
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 financing will be utilized to develop Sparrows platform and introduce new products and services. Earlier this month, for example, it presented an iOS-optimized mobile interface, and has other releases coming soon. Given that introducing a year ago, Sparrow has actually seen over $150 million in options trading volume.
In a press declaration, FinLab EOS VC Fund managing director Stefan Schuetze said, “We are excited to purchase Sparrow, which is developing the next generation of financial products by leveraging EOSIO for their on-chain settlement layer.”
Sparrow Exchange, a Bitcoin and Ethereum alternatives trading platform based in Singapore, will introduce more products after raising $3.5 million in Series A financing.