KUALA LUMPUR, Aug 11 (Bernama) -- FalconX, a digital assets and cryptocurrency financial services company providing institutions trading, credit, and clearing across major cryptocurrencies, has announced a US$210 million Series C financing round, valuing the company at US$3.75 billion. (US$1 = RM4.240)
The round was led by Altimeter Capital, Sapphire Ventures and existing investors B Capital Group and Tiger Global Management, with participation from Mirae Asset. Amex Ventures also increased its existing investment as part of this round.
They join existing investors Accel, Accomplice VC, Coinbase Ventures, CMT Digital, Flybridge Capital Partners, Lightspeed Venture Partners, and Avon Ventures, a venture capital fund affiliated with FMR LLC, the parent company of Fidelity Investments.
In just three years, FalconX has become one of the most highly valued institutional cryptocurrency companies in the world, driven by strong unit economics, profitability, and revenue growth across business lines.
FalconX leverages machine learning to provide institutions a single counterparty with access to global cryptocurrency liquidity with 99.9 per cent+ uptime through its web interface, APIs, and 24/7/365 white glove trading desk.
Its credit business enables institutions to access short term financing for trades – filling the gap between long term loans and derivatives markets for institutions looking to increase their balance sheet efficiency in an elastic manner.
“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 FalconX CEO and Co-Founder, Raghu Yarlagadda in a statement.
FalconX plans to officially announce several new product offerings in the coming months, each of which are currently live, growing quickly, and profitable.
FalconX will use the funding from the Series C round to expand its product lines, explore strategic acquisitions, and continue to hire great talent globally, including key executives with backgrounds at the convergence of traditional financial markets, digital assets and technology.
-- BERNAMA
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