Over 1,000 Institutions Shun Swiss Regulator's License Application

Hidden Road Becomes First Company to Secure Both Investment and Crypto FCA License

by Damian Chmiel
  • The FCA has so far issued only 41 digital asset licenses.
  • Hidden Road became the first company to hold an investment and crypto license.
Hidden Road Introduces OTC Prime Brokerage for Crypto
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Hidden Road, a prime broker enabling access to traditional and digital markets, has announced that its UK branch became a digital asset firm fully authorized by the Financial Conduct Authority (FCA ).

Hidden Road Gains FCA Authorization for Crypto License

According to the press release, Hidden Road Partners CIV UK Limited is the only prime brokerage company holding both the FCA's digital asset and investment firm licenses. As a result, the company can now offer unique derivatives and spot instruments for the cryptocurrency and traditional currency markets.

"We strongly believe Hidden Road delivers a much-needed institutional and regulated prime broker for the industry. Securing approval from the FCA is very much in keeping with Hidden Road's ethos and precisely what counterparties are looking for as the digital asset market collectively works to regain investor trust," Matthew Walsh, the Founding Partner at Castle Island Ventures and a Board Member of Hidden Road, said.

The FCA has so far granted only 41 digital assets licenses. Only 5% of all applications received by the financial regulator were adequately prepared, of which only 27% were finally approved, Sarah Pritchard, the FCA's Executive Director for Markets, stated last month in her testimony before Parliament.

New Product and New Funding in 2022 for Hidden Road

The global credit network closed a $50 million Series A funding round in July. It was led by Castle Island Ventures and big crypto industry names like Coinbase Ventures, Citadel Securities and FTX Ventures.

Three months later, Hidden Road launched what it called the trading industry's first over-the-counter (OTC) prime brokerage service for digital assets. According to the company, the latest service reduces settlement, operational and credit risk. In addition, it offers institutional clients higher capital and operational efficiency. The acquisition of a digital asset license from the FCA is the culmination of Hidden Road actions undertaken in 2022.

In September, Hidden Road employed Andrew Rosoman as a new Partner. He brings to the table years of experience in the institutional FX industry. Rosoman, in his role, will be focused on strengthening the company's relationships and building new ones.

Hidden Road, a prime broker enabling access to traditional and digital markets, has announced that its UK branch became a digital asset firm fully authorized by the Financial Conduct Authority (FCA ).

Hidden Road Gains FCA Authorization for Crypto License

According to the press release, Hidden Road Partners CIV UK Limited is the only prime brokerage company holding both the FCA's digital asset and investment firm licenses. As a result, the company can now offer unique derivatives and spot instruments for the cryptocurrency and traditional currency markets.

"We strongly believe Hidden Road delivers a much-needed institutional and regulated prime broker for the industry. Securing approval from the FCA is very much in keeping with Hidden Road's ethos and precisely what counterparties are looking for as the digital asset market collectively works to regain investor trust," Matthew Walsh, the Founding Partner at Castle Island Ventures and a Board Member of Hidden Road, said.

The FCA has so far granted only 41 digital assets licenses. Only 5% of all applications received by the financial regulator were adequately prepared, of which only 27% were finally approved, Sarah Pritchard, the FCA's Executive Director for Markets, stated last month in her testimony before Parliament.

New Product and New Funding in 2022 for Hidden Road

The global credit network closed a $50 million Series A funding round in July. It was led by Castle Island Ventures and big crypto industry names like Coinbase Ventures, Citadel Securities and FTX Ventures.

Three months later, Hidden Road launched what it called the trading industry's first over-the-counter (OTC) prime brokerage service for digital assets. According to the company, the latest service reduces settlement, operational and credit risk. In addition, it offers institutional clients higher capital and operational efficiency. The acquisition of a digital asset license from the FCA is the culmination of Hidden Road actions undertaken in 2022.

In September, Hidden Road employed Andrew Rosoman as a new Partner. He brings to the table years of experience in the institutional FX industry. Rosoman, in his role, will be focused on strengthening the company's relationships and building new ones.

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