2021-3-12 09:57

Cryptocurrency trading platform FalconX confirmed via Twitter that it has successfully raised $50 million in VC funding. This brings its total valuation of funding up to $675 million. Its primary backers are B Capital Group and Tiger Global Management.

A successful round of funding late last year sparked interest from AmEx Ventures. Sure enough, in December it also threw its hat in the FalconX ring.

AmEx joined an A-list group of investors that include Avon Ventures and Lightspeed Venture Partners. FalconX funding now has a massive valuation of around $675 million, per Bloomberg reports.

High Demand, Higher Rewards

There has been a dramatic uptick in institutional demand for Bitcoin and Ethereum. In fact, this led to an enormous increase in their prices.

Q4 2020 saw a Bitcoin surge of over 170% and Ethereum rocketed over 110%. For FalconX, this spiked its monthly volume above $3 billion. In short, that’s pretty concrete evidence of long-term sustainability.

FalconX Bridging Crypto Adoption

FalconX established itself with the aim of repairing issues within the cryptocurrency market:

“For open, permission-less and truly global digital assets to be adopted by mainstream institutions at scale, today’s digital infrastructure is grossly inadequate. FalconX’s mission is to build this connective tissue. Our technology will provide the infrastructure for the future of digital assets and enable seamless price discovery, trade execution, and transfer of value.”

Source: falconx

Last December Raghu Yarlagadda, co-founder and CEO of FalconX, spoke at the Global Investor Conference. Essentially, he broke it down as an institutional trading platform — one of the largest prime brokers in terms of volume and number of customers.

Raising the issue of doubt and confusion, Yarlagadda explained that the platform is thriving because it answers important questions;

A lot of institutions coming into crypto have a lot of questions. These range from what is crypto? How do I get into it? How do I get exposure? FalconX takes care of all these things through its partners. We answer those questions..all the way up to if you’re trading hundreds of millions of dollars a month. We take care of the entire gamut for institutions and we’ve been very fortunate that we’re growing very fast.”

Raghu Yarlagadda, FalconX

The post FalconX Crypto Trading Platform Secures Extra $50 Million in Funding appeared first on BeInCrypto.

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