FalconX, a San Francisco, CA-based digital asset trading platform that provides clients best execution using data science, secured $17M in funding.
Backers included Accel, Accomplice VC, Coinbase Ventures, Fenbushi Capital, Flybridge Capital Partners, Lightspeed Venture Partners, and Avon Ventures.
The company intends to use the funds to introduce new products, expand its trade execution suite and scale infrastructure to support institutional demand for cryptocurrency.
Founded by Raghu Yarlagadda and Prabhakar Reddy in 2018, FalconX is a digital asset trading platform that uses data science to provide clients with best execution capabilities. Over the last 10 months, the company has generated $7 billion in global trading volume at a quarterly growth rate of over 600%. Clients include over 100 financial institutions across traditional finance including hedge funds, proprietary trading firms, payment gateways, over-the-counter trading desks, cryptocurrency miners, and exchanges.
FalconX has offices in Silicon Valley, Chicago, Bengaluru, and Malta.