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FalconX more than doubles its valuation to $8 billion in $150 million round

FalconX has closed a $150 million Series D led by Singaporean sovereign wealth group GIC and Swiss investment firm B Capital.
Through this round, announced today in a release, the company has more than doubled its valuation from $3.75 billion to $8 billion at a time when many crypto firms are struggling to raise fresh funding. A spokesperson for FalconX didn't respond to requests for details on when exactly the funding round closed.  

The FalconX platform offers institutional investors access to crypto strategies in one interface. It also offers a service to enable banks and fintech firms to offer crypto products. 
“FalconX is one of the very few crypto prime brokerages who do not take on market risk, so we’re not in conflict with our clients and their trading strategies," said CEO Raghu Yarlagadda in the release. "In light of recent market conditions, this is extremely valuable to our clients who demand a reliable market infrastructure provider.”  

The financing, which featured participation from Thoma Bravo, Wellington Management, Adams Street and Tiger Global Management, will be used to press forward with hiring — even as crypto firms such as Coinbase and BlockFi announce layoffs.
FalconX claims its hiring plans remain unchanged despite recent market turbulence that has seen bitcoin drop below $20,000. It recently hired former Pinterest chief revenue officer Jon Kaplan and Suzy Walther, who previously held senior positions at Bloomberg and Carta.
The company says its privileged position in the crypto market is due to it having the strongest client onboarding in its history in the first quarter of the year. It says there's still strong demand for its services from a range of diverse institutional clients despite the current market volatility. © 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. shares this Contents always with License.

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