Cryptocurrency Exchange Secures $50 Million Investment
FalconX, a crypto trading platform, has secured a $50 million investment from Tiger Global and B Capital Group.
Tiger Global was also involved in BlockFi’s $350 million Series D round, showing “broader conviction in cryptocurrencies as an asset class.”
This year, Bitcoin became a trillion-dollar asset while the overall cryptocurrency market cap has surpassed $1.7 trillion.
In this current crypto boom environment, crypto businesses are raising money left, right, and center. Every day, many companies are announcing their funding rounds with millions of dollars secured in investments.
FalconX’s existing investors include Coinbase Venture, the investment arm of leading US crypto exchange Coinbase, which is marching towards its own public listing with a valuation of $100 billion. Other investors are Accel, Avon Ventures, a venture capital fund with ties to FMR LLC, the parent company of Fidelity Investments, Accomplice, and Lightspeed.
Over the last year, the start-up had its net revenue growing 46x, driven by a substantial increase in demand for crypto assets from institutional investors.
“We believe FalconX is positioned to be an industry leader in the institutional cryptocurrency market,” said Scott Shleifer, partner at Tiger Global.