Hidden Road Partners, a startup prime brokerage focused on digital assets, is aiming for a valuation of $1 billion following its latest fundraising round, with backing from financial giant Citadel Securities, according to anonymous sources familiar with the matter. The firm, which was founded in 2018 and recently completed a $50 million funding round, offers services for various asset markets, including precious metals and foreign exchange. The popularity of prime brokerages like Hidden Road and competitor FalconX has increased since the collapse of crypto exchange FTX in 2022, as they take on counterparty risk for clients. In Q1 of 2024, investments in crypto startups reached $2.5 billion, a 32% rise from Q4 of 2023, according to data from Pitchbook. Berachain, a new blockchain platform, led the way with a recent $100,000 funding round featuring participation from Samsung and crypto venture capital firms HashKey Capital, Animoca Ventures, and Nomad Capital.
