Institutional crypto trading platform FalconX has raised $150 million in a Series D funding round, bringing the company’s valuation to $8 billion. This means that FalconX’s valuation has more than doubled since its last fundraiser in August 2021, which valued the firm at $3.75 billion.
The latest funding round was led by Singaporean sovereign wealth fund GIC and B Capital. Other investors that participated in the round include Thoma Bravo, Wellington Management, Adams Street Partners, and Tiger Global Management.
Founded in 2018, and based in San Mateo, California, FalconX is a cryptocurrency trading platform that helps institutional investors manage their crypto strategies through a single interface and seamless workflows.
With the fresh capital, the firm said it will be able to develop its infrastructure as well as scale its products and services.
The funding comes at a time when there is a drawdown in the crypto market, which has caused crypto lenders Celsius and Babel Finance to suspend withdrawals and redemptions on their platforms. The falling market has also caused several companies to reduce their team sizes.
However, FalconX said that its hiring plans remain unchanged despite the current market turmoil and will continue to increase its headcount across departments. The trading company also noted that the first quarter of this year was its strongest period for customer onboarding since its inception.
Raghu Yarlagadda, CEO and founder of FalconX noted that the firm was not affected by the current market downturn due to its risk management strategy.
“FalconX is one of the very few crypto prime brokerages who do not take on market risk, so we’re not in conflict with our clients and their trading strategies. In light of recent market conditions, this is extremely valuable to our clients who demand a reliable market infrastructure provider,” he added.
Meanwhile, just last month, the company became the first CFTC-registered crypto swap dealer and one of the first crypto-focused primary level members of the International Swaps & Derivatives Association (ISDA).
