Hidden Road, which boasts backers like Castle Island Ventures and Citadel Securities, has launched an over-the-counter prime brokerage for digital assets.
The OTC offering will be available to U.S. and international counterparties, and aims to further institutional adoption of digital assets, according to a release. The offering will give counterparties ownership and control over their execution technology, liquidity, and custodian choice for fiat and digital assets.
Hidden Road identified a demand for this "real prime brokerage solution" for OTC trading from working with its institutional counterparts, Global Head of Business Development Mike Higgins said. "The market was in need of a truly conflict-free prime broker, one without a proprietary trading desk, OTC liquidity desk or market making operation," he said.
The firm provides a credit network and a prime brokerage service for digital assets, encompassing margin netting, financing of trading and centralized market access to leading global OTC liquidity providers, Higgins added.
Initial liquidity providers on the platform include firms like OSL, Virtue, GSR and Wintermute. Independent software vendors include 4OTC, CoinRoutes, Elwood Tech, Gold-i, Reactive, Talos. Finally, venues include 24x, Crossover Markets, Cypator, Enclave Markets, Finery Markets, and Spotex.
Hidden Road announced a $50 million Series A round led by Castle Island Ventures in July. Citadel Securities, FTX Ventures, Uncorrelated Ventures, Greycroft, XBTO Humla Ventures, Wintermute, SLN Capital, Profluent Trading, and Coinbase Ventures, among others, also joined the round.
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