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 an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.