Crypto platform FalconX valued at $8 billion after $150 million raise led by GIC

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FalconX, a cryptocurrency broker and financial wholesaler for Wall Street, has raised $150M at an $8B valuation. This firmly cements FalconX as a crypto “unicorn”.

B Capital and Singapore’s sovereign wealth fund GIC led the series D, which more than doubles the prime broker’s August 2021 value.

This raise could signal that institutional demand remains strong for digital assets, even with major cryptocurrency selloffs this year.

However, data from the crypto fundraising database Dove Measures indicate that venture dollars were being used slower in June. Although nine-figure deals are still common, crypto startups have raised $2.6 billion since June. This is slower than May and April’s totals of $4.2 billion and $6.8 million, respectively.

FalconX provides settlement services, credit/margin clearance, crypto trading and credit/margin clearing to financial institutions needing a platform that prioritizes risk management.

FalconX does not take market risk, unlike most exchanges and crypto brokers that manage their assets and provide customer liquidity services. Raghu Yarlagadda is FalconX’s founder and CEO.

Yarlagadda said, “We are not in conflict with clients and their trading strategies.” “In light of recent market conditions, this is extremely beneficial to our clients who require a reliable market infrastructure provider.”

This policy is more credible given the string of financial problems that have plagued cryptocurrency firms like Celsius Network, Three Arrows Capital and Babel Finance.

FalconX is among the crypto firms that use existing regulations and financial standards to attract institutional customers. For example, it was recently the first cryptocurrency swaps dealer to register at the U.S. Commodities and Exchange Commission.

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