Sparrow Raises US $ 4.4 Million Series A for Options Trading Platform with Gain Loyal Pte Ltd.
SINGAPORE, November 10, 2021 / PRNewswire / – Sparrow, a digital asset trading platform based in Singapore, raised US $ 4.4 million in a Series A financing led by its investor, Gain Loyal Pte Ltd.
Gain Loyal Pte Ltd is a leading investment firm focused on real estate investments in Asia. With this investment, Sparrow aims to accelerate the growth of its business by investing in its platform, products, services and people.
“We are delighted to have Gain Loyal Pte Ltd as an investor. This long-term partnership puts us in an excellent position to strengthen Sparrow’s competitive advantage to better serve financial institutions and wealth managers, ”said Kenneth yeo, CEO of Sparrow.
Sparrow pursues its digitalization to strengthen the security of its platform
Sparrow intends to use the funds to create more innovative solutions that bridge the gap between traditional finance and digital assets, while building customer confidence.
At the same time, Sparrow will accelerate digitization to improve the quality of its platform in terms of security, user experience and compliance. With Series A funding from Gain Loyal Pte Ltd, Sparrow also aims to attract talent in the areas of risk management, trading, technology and operational excellence. Sparrow will also improve its KYC, AML and CFT regulatory framework and continue to grow its workforce across all functions.
“With Sparrow, we take the same long-term vision of accelerating the cryptocurrency industry through continuous platform improvement and cutting-edge solutions. We are confident that our investment in Sparrow will create exciting opportunities for digital asset investors and will increase trust and confidence among financial institutions and wealth managers Singapore,” noted Charles Lim by Gain Loyal Pte Ltd.
“Sparrow also has the expertise and extensive experience in digital asset solutions, with a strong focus on risk management, compliance, security and technology, all of which are critical in the cryptocurrency space. Lim added.
Notional Sparrow Volume Exceeded US $ 3.5 billion in October 2021
With cryptocurrencies increasingly accepted, Sparrow has sought to increase user confidence overall. Sparrow offers a range of products and solutions on its platform, including self-service options trading for individuals and digital asset solutions for financial institutions and wealth managers.
From October 2021, Sparrow generated on US $ 3.5 billion notional volume through its trading platform and the company had more than $ 300 million assets under management. Moreover, as Singapore As he begins his COVID-19 recovery journey, Sparrow is well positioned to accelerate his business growth by doubling its workforce in 2021. It follows an ongoing hiring process that has continued to attract top talent to the growing company fast.
The Series A funding rounds generated a total of $ 9 million with contributions from 100X Group, FinLab EOS, Arrington XRP, Signum Capital and Du Capital.
Sparrow offers innovative products and solutions for institutions. Based at Singapore, Sparrow’s options trading platform is secure, compliant and intuitive for individual users. In addition, the company designs bespoke digital asset solutions to help financial institutions and family offices achieve their growth goals, without compromising financial reporting and compliance requirements.