FalconX Exchange Raises $17M to Enhance Crypto Trading Services For Its Growing Demand
FalconX, the US-based virtual assets trading startup that offers its customers best execution via data science, has announced that it has raised $17 million from different investors.
The firm stated that the funding round comprised Coinbase Ventures, Accel, Fenbushi Capital, Accomplice VC, Lightspeed Venture Partners, Flybridge Capital Partners as well as Avon Ventures.
According to a press release shared with Bitcoin EXchange Guide, the money will be utilized in rolling out fresh products, enhancing FalconX’s crypto trading services, as well as, enhancing its infrastructure in order to serve the expanding institutional clients in the market.
According to FalconX CEO, Raghu Yarlagadda, the firm’s technology is set to offer the right infrastructure that will define the future of digital assets.
According to the firm, in the last 10 months, it has processed over $7 billion in worldwide trading volume, which also translates to 600% quarterly growth rate which is fueled by tight spreads, removing spillage as well as hidden fees. The firm also attributes the exponential growth to high levels of enterprise-grade security.
The San Francisco, CA-based Exchange FalconX provides digital asset trading and has developed robust liquidity via various liquidity pools or exchanges as well as proprietary dark pools. Currently, the firm boasts more than 100 financial-based institutions ranging from crypto miners, hedge funds, payment gateways, and exchanges. The firm also revealed that it was seeking licenses in different jurisdictions in efforts to expand its footprint in the world.
FalconX was started in 2018 by Prabhahar Reddy as well as Raghu Yarlagadda. Before founding FalconX, Yarlagadda, an engineer and renowned entrepreneur, held various leadership positions including an executive role at Google. Yarlagadda played a vital role in scaling Chromebooks, helping to turn it into a multi-billion dollar venture. On the other hand, Reddy previously worked at Accel, a venture capital firm.
The FalconX team is made up of experienced individuals from Silicon Valley as well as Wall Street.