Institutional-focused cryptocurrency platform FalconX raised $150 million in a Series D funding round that raised the company’s valuation to $8 billion.
Excited to announce our $150M #SeriesD led by GIC and @BCapitalGroup. Institutional #crypto is alive and well, and alongside the world’s leading investors, we’re powering the next stages of #digitalasset transformation. https://t.co/s2fBOVwcdv pic.twitter.com/Lmm2AAzPXL
— FalconX (@falconxnetwork) June 22, 2022
The round was led by GIC and B Capital with contributions from Thoma Bravo, Wellington Management, Adams Street Partners and Tiger Global Management.
“This investment is a testament to our customer focus, the health and strength of the crypto industry, and our drive to transform digital assets,” said Raghu Yarlagadda, founder and CEO of FalconX.
The company noted that despite the volatility of the markets, the first quarter of 2022 was the most successful for it in terms of attracting new customers. This is due to the demand for brokerage services from a wide range of institutions, FalconX believes.
“We are in the early stages of moving towards digital asset transformation and cryptocurrencies are the first use case. Soon every asset will survive tokenization and become truly global,” the press release reads.
Previously, some major crypto companies, including Coinbase, Crypto.com, and BlockFi, have announced staff cuts in the current market conditions. FalconX emphasized that they continue to recruit employees in various departments.
Recall that in August 2021, FalconX closed a $210 million Series C funding round with a $3.75 billion valuation.
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