SINGAPORE, Nov. 10, 2021 /PRNewswire/ -- Sparrow, a digital assets trading platform headquartered in Singapore, has raised US$4.4 million in series A funding led by its investor, Gain Loyal Pte Ltd.
Gain Loyal Pte Ltd is a leading investment company focusing on real estate investments in Asia. With this investment, Sparrow aims to accelerate its business growth by investing in its platform, products, services, and people.
"We are pleased to have Gain Loyal Pte Ltd as our investor. This long-term partnership puts us in a great position to boost Sparrow's competitive edge to serve financial institutions and wealth managers better," said Kenneth Yeo, CEO of Sparrow.
Sparrow to further digitalize to enhance its platform's security
Sparrow intends to use the funds to create more innovative solutions that bridge the gap between traditional finance and digital assets, whilst raising confidence and trust among clients.
At the same time, Sparrow will accelerate digitalization to enhance the quality of its platform in terms of security, user experience, and compliance. With the Series A funding by Gain Loyal Pte Ltd, Sparrow also aims to attract talent in 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 its functions.
"With Sparrow, we embrace the same long-term vision of accelerating the cryptocurrency industry through relentless enhancement of the platform and cutting-edge solutions. We are confident our investment in Sparrow will create exciting opportunities for investors of digital assets and raise confidence and trust among financial institutions and wealth managers in Singapore," said Charles Lim of Gain Loyal Pte Ltd.
"Sparrow also possesses the expertise and a wealth of experience dealing with digital asset solutions-focused heavily on risk management, compliance, security, and technology — all of which are essentials in the cryptocurrency space," Lim added.
Sparrow' notional volume surpassed US$3.5 billion in October 2021
With cryptocurrencies gaining mainstream acceptance, Sparrow has sought to increase overall user confidence and trust. 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.
As of October 2021, Sparrow generated over US$3.5 billion of notional volume through its trading platform and the company had more than US$300 million of assets under management. In addition, as Singapore begins its COVID-19 road to recovery, Sparrow is well-placed to accelerate its business growth doubling its in headcount in 2021. It follows an ongoing hiring process that has continued to attract the best talent to the rapidly growing company.
Series A funding rounds have generated a total of US$9 million with contributions from 100X Group, FinLab EOS, Arrington XRP, Signum Capital, and Du Capital.
Sparrow offers innovative products and solutions for institutions. Headquartered in Singapore, Sparrow's options trading platform is secure, compliant, and intuitive for individual users. In addition, the company designs bespoke digital asset solutions to support financial institutions and family offices to achieve their growth objectives, without compromising on financial reporting and compliance requirements.