FalconX Crypto Trading Expansion Starts at $17 Million
The digital asset trading platform, FalconX, uses data science to provide the best point-in-time execution in the crypto industry.
FalconX has announced on May 13 that it had secured $17 million in financing from investors, including Accel, Accomplice VC, Coinbase Ventures, and Fenbushi Capital, Flybridge Capital Partners, and Lightspeed Venture Partners.
Along with them is Avon Ventures. Avon Ventures is a venture capital fund associated with FMR LLC. FMR LLC is the parent company of Fidelity Investments.
What FalconX Can Offer
Secured funding will be used to introduce new products. The funding will also be used in expanding FalconX’s trade execution and scale infrastructure. The finding is in support of the growing institutional demand for cryptocurrency.
Raghu Yarlagadda is the CEO and co-founder of FalconX. According to him, FalconX is entering an era defined by accurate digitization of value. Whether Bitcoin, Ethereum, or new experiments like Digital Yuan or Libra or what we have seen in the early 2000s. This era will be open, permissionless, and truly global assets.
Mainstream institutions will later adopt this digitization of value. The CEO said that the present digital’s financial infrastructure is grossly insufficient.
The CEO said that the company is developing a connective tissue with seamless price discovery, trade execution, and value transfer, and their technology will provide future digital assets and available infrastructure.
For more than ten months, FalconX has generated $7 billion in the global trading volume. The volume has a quarterly growth of over 600%. The increase is driven by tight speeds, eliminating slippage and hidden fees, and maintaining enterprise-grade security.
Trading as focus, FalconX has built vigorous liquidity. This liquidity is through the combination of it liquidity pools (exchanges) and dark proprietary pools.
FalconX client base is composed of over 100 financial institutions across traditional finance, including hedge funds, proprietary trading firms, payment gateways, and over-the-counter trading desks. Crypto miners and exchanges are also included.
FalconX is escalating its regulatory footprint to grow its customer base through new jurisdictions and product lines. CMT Digital is a proprietary trading and financial services firm, and the firm was founded in 1997. It has offices across the US and Europe.
Brad Koeppen is the Head of Trading and Business Development at CMT Digital. Koeppen said that FalconX allows his firm to operate to a more productive trading desk. FalconX solves some of the crucial inefficiencies in the crypto markets, according to him.
He also added that he is very impressed with FalconX’s unyielding focus on delivering value-added solutions. He was also giving superior customer service.
Raghu Yarlagadda and Prabhakar Reddy are the founders of FalconX. The two founded the firm in 2018.
Raghy Yarlagadda, an engineer and businessman, held important positions in other companies before joining FalconX. He was influential in the development of Chromebooks into a million-dollar revenue asset when he was still working with Goole.
FlaconX is familiar with Silicon Valley and Wall Street since they have experience working with big-time companies like Google, Citadel, Goldman Sachs, Jump Trading, and Paypal, Pantera Capital, WorldQuant, Kraken, and PEAK6 Investments.
According to Shekhar Kirani, a General Partner at Accel, FalconX has proven themselves. They had showcased exceptional growth with institutional counterparts. This growth was due to their focus on technology and reliability in times of volatile market conditions.
FalconX is turning big without compromising quality business security and high compliance standard. The company offers a massive opportunity for future investments, specifically those who want to work in the digital asset industry.