Hidden Road, a main corridor that focuses on both cryptographic and traditional assets, has received an incoming acquisition approach, according to two people with knowledge of the matter.
Acquisition conversations are ongoing with a native cryptography company that wants to acquire a hidden road, people said, but there is no certainty that any agreement is made.
Hidden Road declined to comment.
The company has raised around $ 50 million in the last 12 months, of investors, including the cryptographic risk capital firm, Dragonfly Capital, said one of the people.
Since then, one of the investors, a native cryptography firm, has made an approach to buy a hidden road, added the person.
Dragonfly Capital did not respond to a request for comments for publication time.
Main corridors are an essential part of the plumbing of financial markets. They provide trade, financing and custody services to large institutions.
Hidden Road raised $ 50 million in a round of funds from Serie A in July 2022. The round was directed by Castle Island Ventures, with the participation of Citadel Securities, FTX Ventures, Ventures without correlation, Greycroft, Xbto Humla Ventures, Wintermute, SLN Capital, Expose Trading, Coinbase Ventures and Corner Capital.
It was said that the company was weighing options, including a potential sale or a capital increase that could value the company in more than $ 1 billion, according to a Bloomberg report last month.
