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Wall Street, Crypto Giants Line Up to Back Startup Prime Broker

  • Hidden Road offers financing for funds to trade crypto, FX
  • Citadel Securities, Coinbase, FTX joined in July funding round
Last Day Of Trading For 2021 On Floor Of NYSE
Photographer: Michael Nagle/Bloomberg

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.