FalconX more than doubles its valuation to $8 billion in $150 million round By _tommatsuda
Through this round, announced today in a release, the company has more than doubled its valuation from $3.75 billion to $8 billion at a time when many crypto firms are struggling to raise fresh funding. A spokesperson for FalconX didn't respond to requests for details on when exactly the funding round closed.
The FalconX platform offers institutional investors access to crypto strategies in one interface. It also offers a service to enable banks and fintech firms to offer crypto products. “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," said CEO Raghu Yarlagadda in the release."In light of recent market conditions, this is extremely valuable to our clients who demand a reliable market infrastructure provider.”
The financing, which featured participation from Thoma Bravo, Wellington Management, Adams Street and Tiger Global Management, will be used to press forward with hiring — even as crypto firms such as Coinbase and BlockFi announce layoffs. FalconX claims its hiring plans remain unchanged despite recent market turbulence that has seen bitcoin drop below $20,000. It recently hired former Pinterest chief revenue officer
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