FalconX Limited announced that it had received funding support from B Capital Group and Tiger Global. On Thursday, March 11, the digital currency trading startup said that the investment amounted to $50 million, based on the report posted online by international news outlet Reuters.
Scott Shleifer confirmed the funding. The Tiger Global partner remarked that they believe FalconX is poised to become an industry leader in the institutional virtual currency market. This latest development in the cryptocurrency world is encouraging. We believe that it is among the many events that confirm digital assets’ rise in the contemporary financial markets scene.
FalconX is a digital asset trading platform and cryptocurrency brokerage. The business establishment is headquartered in San Mateo, California, in the United States, per Crunchbase details. Additionally, FalconX has an international presence, according to its official portal. It has US-based offices in San Francisco and Chicago. Internationally, the cryptocurrency startup has a presence in Valetta, Malta, and Bangalore, India.
FalconX disclosed that its net revenue had ballooned 46 times over the past year. The company affirmed that the heightened demand for cryptocurrencies from institutional investors had driven this encouraging development. Plus, interest in digital currencies as an asset class has surged because of the meteoric climb in Bitcoin prices.
At the time of writing, the world-famous cryptocurrency’s trading price is exactly $57,858.75, per the information posted online by Coinmarketcap.com. Bitcoin’s market capitalization currently stands at more than $1 trillion, or exactly $1,078,922,160,012.
Besides the latest $50-million investment, FalconX has received significant funding from other investors. They comprise Avon Ventures, which is a venture capital fund. This company’s headquarters is in Boston, Massachusetts. Avon Ventures is an affiliate of FMR LLC, Fidelity Investments’ parent organization.
It invests in the blockchain and cryptocurrency verticals and concentrates on establishments that can expedite the adoption and growth of Bitcoin, blockchain technology, and cryptocurrency assets. FalconX’s other existing investors consist of Accel, Lightspeed, Coinbase Ventures, and Accomplice.
The cryptocurrency trading platform’s founders are Raghu Yarlagadda, Krishna Yarlagadda, and Prabhakar Reddy. FalconX started its operations in May 2018. The for-profit cryptocurrency company claims to be the world’s most technologically-advanced digital asset trading platform. We are pleased to learn about FalconX receiving financial support from more institutional investors, the most recent of which are Tiger Global and B Capital Group.
These investors are making the right decision and are taking the most appropriate steps. We look forward to more cryptocurrency trading platforms like FalconX receiving the monetary boost they deserve. This positive development strengthens the cryptocurrency startups and investors’ confidence in digital assets going mainstream as an exchange and investment mode.