Sparrow Exchange, a Bitcoin and Ethereum options trading platform based in Singapore, revealed today it has actually raised$3.5 million in Series A funding.

The round was led by HDR Group, the owner of cryptocurrency exchange BitMEX, with participation from Signum Capital, Du Capital and FinLab EOS VC.

The financing will be used to develop Sparrow’s platform and introduce new product or services. Previously this month, for example, it introduced an iOS-optimized mobile user interface, and has other releases coming soon. Since introducing a year back, Sparrow has seen over $150 million in options trading volume.

In a press declaration, FinLab EOS VC Fund handling director Stefan Schuetze said, “We are delighted to invest in Sparrow, which is developing the next generation of monetary items by leveraging EOSIO for their on-chain settlement layer.”

In spite of the pandemic, the company states its seen an increase in volume over the previous few months, as Bitcoin trading reached record highs in a number of nations, after a preliminary sell-off in March.

Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.