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Institutional crypto trading platform FalconX has secured $150 million in funding as part of its Series D round.
The digital asset platform generated fresh funding in the midst of the ongoing bearish trend in the crypto industry. The $150 million investment has pushed FalconX to double its previous valuation, from $3.75 billion to $8 billion. The company closed its Series D funding round in August last year and has now raised a total of over $430 million.
The last FalconX funding, which closed in early June, was led by Singaporean sovereign wealth group GIC and B Capital Group. Other contributors to the financing were VC firms Adams Street, Thoma Bravo, and Tiger Global Management. Institutional investors have access to crypto strategies in a single interface with the help of the FalconX platform.
The company will expand its products and create new markets for its institutional consumers using fresh funds. CEO Raghu Yarlagadda told Cointelegraph that the newly secured $150 million funding will accelerate growth “by looking at M&A opportunities that add strategic value to our existing core offerings.”
The CEO referred to the FalconX credit offerings as “over-collateralized” and are backed by liquid collateral. He added that all assets are deployed only within the platform. He said:
“FalconX has had no material exposure in this market because of our robust risk management program. We are financially strong and growing because we have a market-risk neutral business model… This allows us to have a strong real-time view of risk management and mitigate risk. In these market conditions, we tend to see more activity in market-neutral strategies than directional.”
FalconX Plans to Hire More Talents With Fresh Funding
Furthermore, FalconX plans to hire “best-in-class talent” with part of the most recent funding. The company is persistent in hiring more staff despite the numerous layoffs across the crypto industry. Recently, the institutional digital asset platform welcomed former Chief Revenue Officer at Pinterest, Jon Kaplan. Kaplan also worked at Google for more than 12 years, from 2003 to 2016. He is currently FalconX’s Revenue and Marketing Leader. Suzy Walther, who previously worked at Carta, has joined FalconX as the Head of People.
FalconX became the first and only crypto swap dealer registered with the National Futures Association (NFA). According to the press release, the registration verifies the company has the most comprehensive prime broker for digital assets. Yarlagadda said in the announcement:
“With this registration, we’re creating a venue for our clients to trade OTC crypto derivatives, while delivering the trust and security our institutional partners expect.”