FalconX, a San Francisco, CA-based digital assets and cryptocurrency financial services company that provides institutions trading, credit, and clearing across major cryptocurrencies, raised $210M in Series C financing.
The round, which valued the company at $3.75 billion, was led by Altimeter Capital, Sapphire Ventures and existing investors B Capital Group and Tiger Global Management, with participation from Mirae Asset and Amex Ventures. They joined existing investors Accel, Accomplice VC, 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 will use the funding to expand its product lines, explore strategic acquisitions, and continue to hire talent globally, including key executives with backgrounds at the convergence of traditional financial markets, digital assets and technology.
Led by Raghu Yarlagadda, CEO and Co-Founder, FalconX is a cryptocurrency and digital assets financial services platform facilitating trading, credit, and clearing for the world’s largest financial institutions, hedge funds, asset managers, venture capital firms, payment providers and investment applications.
The company leverages machine learning to provide institutions a single counterparty with access to global cryptocurrency liquidity with 99.9%+ uptime through its web interface, APIs, and 24/7/365 trading desk. Its credit business enables institutions to access short term financing for trades – filling the gap between long term loans and derivatives markets for institutions looking to increase their balance sheet efficiency in a flaxible way.
FalconX has offices in Silicon Valley, Chicago, Bengaluru, and Malta.