Some of the world’s biggest trading houses and cryptocurrency firms are backing a small startup that aims to ease Wall Street’s entry into crypto trading by tackling counterparty risks and conflicts of interest.
Hidden Road Partners, a prime brokerage focused on digital assets and foreign exchange, completed a $50 million funding round last month that included Citadel Securities, as well as the investment arms of cryptocurrency exchanges FTX Trading Ltd. and Coinbase Global Inc. Now it’s in discussions with hedge funds and many of the top 20 global banks about providing access to trade or hedge their crypto risks, executives at the firm said.
The recent crypto meltdown has heightened the importance of managing counterparty risks, after influential crypto hedge fund Three Arrows Capital defaulted and crypto lenders and brokers such as Celsius Network Ltd. and Voyager Digital Ltd. filed for bankruptcy protection. Such credit risks could hamper traditional funds’ interests in trading...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...