FalconX has secured $17M of financing help from investors such as Accel, Coinbase Ventures, Accomplice VC, Fenbushi Capital, Lightspeed Venture Partners, Flybridge Capital Partners, and Avon Ventures, a venture capital fund affiliated with FMR LLC, the parent company of Fidelity Investments. This digital asset trading platform will use the funding to introduce new products, expand its trade execution suite and upgrade infrastructure to support growing institutional demand for cryptocurrency.
Raghu Yarlagadda, FalconX CEO and Cofounder said that the coming era will be defined by the real digitization value. Bitcoin, Ethereum and few new experiments such as Libra, or Digital Yuan will take a step ahead like we all saw in the early 2000s with the digitization of information. These days, the truly global digital assets are grossly inadequate for the digital financial infrastructure. He believes that FalconX will be the connective tissue with seamless price discovery, trade execution, and value transfer which will create the foundation for the future digital assets.
Raghu Yarlagadda and Prabhakar Reddy, the backbones of FalconX are quite enriched technically as both of them have several experiences with market leaders. Before introducing their own company, Raghu worked for Google, where he was instrumental in scaling Chromebooks to a multi-billion-dollar revenue business. Prabhakar previously drove blockchain and enterprise of SaaS investments at venture capital firm Accel. The founding team brought experience from Google, Citadel, Goldman Sachs, Jump Trading, PayPal, Pantera Capital, WorldQuant, Kraken, and PEAK6 Investments to enrich FalconX.
FalconX has built robust liquidity with the combination of lit liquidity pools (exchanges) and proprietary dark pools and is expanding its regulatory footprint to continue growing its customer base across new jurisdictions and product lines. Its quarterly growth rate has generated around $7 billion in global trading volume of over 600 percent in the last ten months, with rigorous expansion, eliminating slippage and hidden fees, and maintaining grade one enterprise security.
Brad Koeppen, Head of Trading and Business Development at CMT Digital, said that they are quite fascinated with FalconX’s constant focus on delivering value-added solutions and superior customer service. He also appreciates the way it allowed them to operate a more productive trading desk by solving some of the significant inefficiencies in the crypto markets.
FalconX demonstrated exceptional growth with their focus on technology and reliability during volatile market conditions, said Shekhar Kirani, General Partner at Accel. According to him, the company has already proven itself without compromising on security and high compliance standards. They have created a tremendous opportunity to serve the next generation of institutions looking to enter the digital asset space, he concluded.
FalconX is a digital asset trading platform founded in 2018, providing clients best execution using data science. It has a strong client base comprising of over 100 financial institutions across traditional finance, including hedge funds, payment gateways, proprietary trading firms, over-the-counter trading desks, cryptocurrency miners, and exchanges. FalconX has offices in Silicon Valley, Chicago, Malta, and Bengaluru.
For more information, visit https://falconx.io/