FalconX more than doubles its valuation
The investment round, completed in early June, values FalconX at $8 billion, more than double its previous Series C valuation of $3.75 billion. The funding round was led by Singaporean sovereign wealth fund GIC and B Capital Group backed by Facebook’s Eduardo Saverin. Other notable investors were Tiger Global Management, Adams Street and Thoma Bravo.
“FalconX is one of the very few prime crypto brokerages that does not take on market risk, so we are not in conflict with our clients and their trading strategies,” said Raghu Yarlagadda, CEO and Founder, in the press release. “In light of recent market conditions, this is extremely valuable to our customers who demand a reliable market infrastructure provider.”
What is FalconX?
Institutional investors access crypto strategies through the FalconX platform through a single interface. Additionally, it provides a solution to enable banks and fintech companies to sell cryptocurrency products. According to the company, it onboarded a large number of customers during the first quarter of the year, contributing to its high valuation.
The latest round of investment will help FalconX open up new markets for its institutional clients and deliver new products, as the company believes that despite recent market volatility, it says there is still significant demand for its services. from a wide range of institutional clients.