Hidden Highway, a primary dealer that focuses on each crypto and conventional belongings, has obtained an inbound takeover method, based on two individuals with information of the matter.
Takeover talks are ongoing with a crypto native firm that desires to amass Hidden Highway, the individuals mentioned, however there isn’t a certainty that any deal might be completed.
Hidden Highway declined to remark.
The corporate has raised about $50 million within the final 12 months, from traders together with crypto enterprise capital agency Dragonfly Capital, one of many individuals mentioned.
One of many traders, a crypto native agency, has since made an method to purchase Hidden Highway, the individual added.
Dragonfly Capital did not reply to a request for remark by publication time.
Prime brokers are a necessary a part of the plumbing of monetary markets. They supply buying and selling, financing and custody companies to massive establishments.
Hidden Highway raised $50 million in a Collection A funding spherical in July 2022. The spherical was led by Citadel Island Ventures, with participation from Citadel Securities, FTX Ventures, Uncorrelated Ventures, Greycroft, XBTO Humla Ventures, Wintermute, SLN Capital, Profluent Buying and selling, Coinbase Ventures and Nook Capital.
The corporate was mentioned to be weighing choices together with a possible sale or capital elevate that might worth the agency at greater than $1 billion, based on a Bloomberg report final month.
