Cryptocurrency Exchange Raises $17M Funding From Coinbase Ventures And Other Investors
Popular digital asset trading platform FalconX has raised $17 million from investors such as Coinbase Ventures, Flybridge Capital Partners, and Avon Ventures.
FalconX Secured Funding Of $17M
FalconX announced earlier today that it had raised $17 million in a financing form. In addition to the investors listed above, the rest are – Fenbushi Capital, Lightspeed Venture Partners, Accomplice VC, and Accel.
Founded in 2018, FalconX has become a popular cryptocurrency trading platform with a reported client base of more than 100 financial institutions across traditional finance. Those include hedge funds, proprietary trading firms, payment gateways, cryptocurrency miners, and exchanges.
In the past ten months, the company has generated $7 billion in global trading volume at a quarterly growth rate of over 600%, the report outlined.
The funding, according to the press release, will be utilized primarily for creating new products. However, FalconX also plans to expand its trade execution suite and to scale the infrastructure to support the growing institutional demand for cryptocurrencies.
A recent report compiled by the giant US multinational investment bank, JPMorgan, indeed concluded that the interest from institutional investors towards Bitcoin and other digital assets have been growing significantly lately.
Brad Koeppen, Head of Trading and Business Development at CMT Digital, said that FalconX allows his company to operate a more productive trading desk by solving some major inefficiencies in the cryptocurrency market.
A New Era
FalconX CEO and co-founder, Raghu Yarlagadda, believes that the world is entering a new era defined by the digitization of value provided by Bitcoin, Ethereum, or “new experiments such as Libra, or Digital Yuan.” He compared the current state with the digitization of information on the Internet in the early 2000s.
However, he also added that the cryptocurrency space needs serious adjustments to work together with traditional institutions successfully:
“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.”
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