Participated · Series A · Jun 2020

Sparrow operates a crypto-assets trading platform with head offices in Singapore, focused on serving financial institutions and wealth managers. The company emphasizes risk management, compliance, security and technology in its product offering. Sparrow plans to accelerate digitalization of its services to enhance platform security, user experience and regulatory compliance. It intends to bolster KYC, AML and CFT frameworks and to expand its workforce, hiring talent in risk management, trading, technology and operations. As of October 2021 the platform had generated more than $3.5 billion of notional volume and managed over $300 million of assets. Management says proceeds will be used to invest in the platform, products, services and team to bridge traditional finance and digital assets. Sparrow Exchange is a Singapore-based options trading platform for Bitcoin and Ethereum that launched about a year ago. Its core product enables trading of Bitcoin and Ethereum options with an on-chain settlement layer leveraging EOSIO. The company plans to develop its platform further and introduce new products and services; it recently released an iOS-optimized mobile interface and has additional releases coming. Since launch, Sparrow has seen over $150 million in options trading volume. The company reports increased trading volume in recent months despite the pandemic, as Bitcoin reached record highs after an initial March sell-off. Sparrow raised $3.5 million in Series A funding to support platform development and product expansion.