Cryptocurrency trading startup FalconX on Thursday leveraged 12 months of staggering growth into a $50 million raise.
- Now valued at $675 million, according to Bloomberg, FalconX trading volume increased 12 times over and its net revenue spiked 46 times in the past year, the company told CoinDesk.
- Institutional investors contributed mightily to the growth, FalconX said. In a statement, it attributed the spike to "traditional allocators" who seek out "white glove services." That's a market positioned for continued growth, according to the round's co-leader Tiger Global Management.
- B Capital Group co-led the round with participation from Accel, Accomplice VC, American Express Ventures. Coinbase Ventures, CMT Digital, Flybridge Capital Partners, Lightspeed Venture Partners and Fidelity affiliate Avon Ventures.
- "We believe FalconX is positioned to be an industry leader in the institutional cryptocurrency market with many years of sustainable and profitable growth ahead,” said Scott Shleifer, a partner at Tiger Global.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.