FalconX, based in the United States, a digital asset trading platform that provides clients with the best execution using data science, announced today that it has raised $ 17 million in investor financing.
The investor list includes Accel, Accomplice VC, Coinbase Ventures, Fenbushi Capital, Flybridge Capital Partners, Lightspeed Venture Partners and Avon Ventures, according to the firm.
Funding will be used to introduce new products, expand FalconX's business execution suite, and scale infrastructure to support growing institutional demand for cryptocurrencies.
"We are entering an era defined by the true digitization of value, be it Bitcoin, Ethereum or new experiments such as Libra or digital Yuan, very similar to what we saw in the early 2000s with the digitization of information on the Internet. For truly global, unauthorized, open digital assets to be embraced by mainstream institutions, today's digital financial infrastructure is extremely inadequate. FalconX is building the connective tissue, with uninterrupted price discovery, business execution, and value transfer. Our technology will provide the infrastructure for the future of digital assets, ”said Raghu Yarlagadda, CEO and co-founder of FalconX.
FalcoX said that in the past 10 months the company has generated $ 7 billion in global trade volume at a quarterly growth rate of more than 600 percent, driven by tight spreads, eliminating slippage and hidden fees, and maintaining level security. business.
Operating as the principal, FalconX has built strong liquidity through a combination of illuminated liquidity pools (exchanges) and proprietary dark pools. Its customer base includes more than 100 financial institutions in traditional finance, including hedge funds, proprietary trading firms, payment gateways, over-the-counter trade counters, cryptocurrency miners, and exchanges. FalconX is expanding its regulatory footprint to continue increasing its customer base in new jurisdictions and product lines.
Strong founding team
The firm was founded by Raghu Yarlagadda and Prabhahar Reddy in 2018. Yarlagadda, an experienced engineer and entrepreneur, held several product leadership roles before FalconX, including at Google, where he was instrumental in scaling Chromebooks to a multi-million dollar revenue business. Reddy, a serial investor, engineer, and entrepreneur, previously directed investments in blockchain and business SaaS at venture capital firm Accel. The founding team combines Silicon Valley and Wall Street, bringing expertise from Google, Citadel, Goldman Sachs, Jump Trading, PayPal, Pantera Capital, WorldQuant, Kraken, and PEAK6 Investments.