FalconX raises $210 million in Series C Funding Round
FalconX, a digital assets trading platform that focuses on institutional trading, has announced that it has raised $210 million in its Series C funding round which now increases its valuation to $3.5 billion.
The round was led by Altimeter Capital, Sapphire Ventures and included other investors like B Capital Group and Tiger Global Management, and others as well. The exchange has features and products that are focused on providing high-quality trading services to institutions and it is reported to provide more than 99.99% availability as well as providing other tools like robust APIs and a 24×7 trading desk as well.
FalconX is the trusted one-stop shop for the world’s leading institutional cryptocurrency market participants – providing the technology, security, and reliability necessary to power their strategies at scale,” said Raghu Yarlagadda, CEO and Co-Founder of FalconX. “Serving the world’s leading investors, we are at the forefront of a megatrend which will fundamentally change financial services – if you wouldn’t accept Google or Amazon only working 5 days a week – why aren’t financial services 24/7, truly global, and more accessible? Blockchain has proven that it is possible at scale, and FalconX is excited to lead that change.”
The company has seen some strong growth over the last few months as more and more institutions enter into the crypto space and they look for a safe and reliable platform to park their large funds and trade securely. The company has said that it would be using the new funds to increase the range of its products and also to hire new resources so that it would be able to meet the demand for its services from banks, hedge funds, and other financial firms.
“FalconX has clearly positioned itself as a leading institutional cryptocurrency company – we’re excited to back a market leader in an industry in the early innings of strong secular growth. FalconX’s product velocity and pace of innovation is remarkable and we believe will play an important role in the future of financial and crypto market infrastructure,” said Brad Gerstner, Founder & CEO, Altimeter Capital.
Though cryptos have been around for almost a decade now, it is only in the last year or so that a lot of financial institutions have begun to show a lot of interest in trading them as they realize that the crypto ecosystem is here to stay. They were initially apprehensive that it would just be a fad and fade away in due course of time but that has not happened and so now the institutions are piling in as they do not want to miss out on the growth and the innovation that is happening in this field.