Crypto Trading Startup FalconX Achieves Unicorn Status With Latest Raise

FalconX, an institutionally minded cryptocurrency trading desk, reached unicorn status Tuesday with a $210 million series C funding round led in part by Tiger Global.

The three-year-old Chicago-based firm said it is now valued at $3.75 billion. It received lead backing from Tiger Global, Altimeter Capital, Sapphire Ventures and B Capital Group, and got additional funding from an array of earlier investors including Coinbase Ventures, Fidelity’s ventures fund, Accel and Avon.
“As institutional investors continue entering the cryptocurrency market, FalconX has significantly scaled its business and product lines to meet their needs,” said Scott Shleifer, a partner at Tiger Global Management, which had led FalconX's previous funding round, in a statement. He said the red-hot VC firm was “doubling down” on FalconX.
The round adds fuel to FalconX’s institutional growth at a time of buzzy expansion in the crypto industry. FalconX said in a press statement that revenue has increased by 30 times, year over year.
The new funding will bolster FalconX product lines, which include trading services, credit and clearing; allow it to hire key executives; and help the company pursue acquisitions, the firm said.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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.

Danny Nelson

Learn more about Consensus 2024, 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.