Crypto platform FalconX raises $50M on the back of institutional adoption

Tiger Global and B Capital are the primary investors in the latest round. They join Coinbase Ventures, Accel, FMR LLC and others in backing FalconX.

FalconX, a cryptocurrency exchange focused on institutional investors, has raised $50 million from Tiger Global and B Capital Group — highlighting once again that digital assets are becoming more mainstream. 

FalconX didn’t specify how the funds would be deployed, but if it’s anything like previous fundraisers, the money will likely go towards business development.

FalconX raised $17 million in May 2020 to finance several growth initiatives, including adding new infrastructure and expanding its product offerings. At the time, FalconX told Cointelegraph that it uses data science to provide a more competitive trading environment for professional investors. 

In addition to Tiger Global and B Capital Group, FalconX is backed by major players like Accel, Coinbase Ventures and Avon Ventures, a venture capital firm with ties to Fidelity Investments via FMR LLC.

Scott Shleifer, a partner at Tiger Capital, described FalconX as a potential “industry leader in the institutional cryptocurrency market.” The exchange’s growth over the past year seems to indicate that it is headed in that direction. FalconX claims that its net revenues have grown 46 times over the past 12 months, driven by higher institutional demand for cryptocurrency.

The arrival of institutional investors was one of crypto’s biggest stories of 2020. That trend appears to be intensifying as Wall Street finds new ways to offer exposure to digital assets.

As Cointelegraph recently reported, JPMorgan Chase is launching a Cryptocurrency Exposure Basket to provide direct exposure to 11 companies involved in cryptocurrency. As a new debt instrument, the Basket allocates 20% to MicroStrategy, 18% to Square and 15% to Riot Blockchain.

iBTC 並非有關信息的提供者,不會為客戶或任何第三者對於該信息的(包括但不限於)正確性、品質、準確性、安全性、完整性、可靠性、性能、及時性、報價或持續可用性負責。本頁任何內容都不是投資建議

下載iBTC 手機APP
感受最佳交易體驗