A startup prime brokerage focused on digital assets, Hidden Road Partners, is looking to achieve a valuation of $1 billion as it embarks on its latest fundraising round, according to sources familiar with the matter. Backed by financial giant Citadel, Hidden Road has gained popularity since the collapse of crypto exchange FTX in 2022. The brokerage takes on counterparty risk on behalf of clients, providing them with a secure investment platform. Hidden Road, which also offers services for precious metals and foreign exchange, completed a $50 million fundraising round in 2022. The rise of prime brokerages in the crypto industry is evident, and investments into crypto startups have increased by 32% in Q1 of 2024, reaching a total of $2.5 billion.