FalconX, a San Francisco, CA-based cryptocurrency financial services company that provides institutions trading, credit, and clearing, raised $50m in funding.
Backers included Tiger Global and B Capital Group. They joined Accel, Accomplice VC, American Express Ventures. Coinbase Ventures, CMT Digital, Flybridge Capital Partners, Lightspeed Venture Partners, and Avon Ventures, a venture capital fund affiliated with FMR LLC, the parent company of Fidelity Investments.
The company intends to use the funds to scale its team and further expand its business lines to support new market growth.
Led by Raghu Yarlagadda, CEO and co-founder, FalconX provides a platform facilitating trading, credit, and clearing for institutions. The company, which also has offices in Bengaluru, and Malta, is profitable, serving Fortune 1000 corporate treasuries, family offices, registered investment advisors, and other traditional enterprises.