Institutional trading platform FalconX raises $17 million

BlockworksMay 14, 2020 ⋅ 1 min read

Today FalconX announced a $17 million investment round with participation from Accel, Accomplice VC, Coinbase Ventures, Fenbushi Capital, Flybridge Capital, Lightspeed Venture Partners, and Avon Ventures (Fidelity). According to a blog post the funding will be used to introduce new products, expand FalconX’s trade execution suite and scale infrastructure to support growing institutional demand for cryptocurrency.

The company’s client base includes over 100 financial institutions across traditional finance including hedge funds, proprietary trading firms, payment gateways, over-the-counter trading desks, cryptocurrency miners, and exchanges. Over the last 10 months, the company has generated $7 billion in global trading volume at a quarterly growth rate of over 600 percent.

Why it matters:

  • A key barrier to institutions coming into cryptocurrency has been a lack of institutional infrastructure.
  • The past 18 months has seen a gradual increase in the familiar infrastructure institutions are used to like custody and trade execution platforms.
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