Institutional Crypto Startup FalconX Raises $50M in Round Led by Tiger, B Capital

FalconX is among the "white glove" crypto startups eager to cater to an institutional base.

Mar 11, 2021 at 6:22 p.m. UTC
Updated Sep 14, 2021 at 12:25 p.m. UTC

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.

DISCLOSURE

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.