FalconX, an advanced digital trading platform based in San-Francisco, has announced that it has secured $17 million in funding form Coinbase Ventures and other in order to expand crypto trading services on its platform.
The CEO of FalconX, Raghu Yarlagadda, announced the news in blog post published on Wednesday, May 13th. According to the company, the latest capital is to address growing demands institutional-grade crypto trading services.
Other investors include Accel, Accomplice VC, Fenbushi Capital, Flybridge Capital Partners, Lightspeed Venture Partners, and Avon Ventures, a venture capital fund affiliated with FMR LLC, the parent company of Fidelity Investments. Money secured will be used to “introduce new products, expand FalconX’s trade execution suite and scale infrastructure to support growing institutional demand for cryptocurrency.”
FalconX, founded in May on 2018, is an institutional digital asset brokerage that allows its customers to access deep liquidity through a single. The platform enables asset manager to execute mid-to-large size trades at prices smart routed across liquidity sources, and settle with a single counterparty.
The CEO said:
“We’re entering an era defined by the true digitization of value – whether Bitcoin, Ethereum or new experiments such as Libra, or Digital Yuan – much like what we saw in the early 2000s with the digitization of information on the internet. For open, permissionless and truly global digital assets to be adopted by mainstream institutions, today’s digital financial infrastructure is grossly inadequate. FalconX is building the connective tissue, with seamless price discovery, trade execution, and value transfer. Our technology will provide the infrastructure for the future of digital assets.”
According to Raghu Yarlagadda, Falcon X has seen a tremendous growth in last 10 months. According to a press release available to media, over the last ten months, this trading platform has generated $7 billion in global trading volume at a quarterly growth rate of over 600 percent.
The platform currently serves more than 100 financial institutions that includes hedge funds, proprietary trading firms, payment gateways, over-the-counter trading desks, cryptocurrency miners, and exchanges. FalconX has plans to grow its customer base by expanding to other jurisdictions.
Shekhar Kirani, general partner at Accel, commented:
“FalconX demonstrated exceptional growth with institutional counterparties through their focus on technology and reliability during volatile market conditions. They’ve proven themselves at scale without compromising on enterprise-grade security and high compliance standards – capturing a tremendous opportunity to serve the next generation of institutions looking to enter the digital asset space.”
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