- Founded in 2018 by Raghu Yarlagadda and Prabhakar Reddy, FalconX announced that it has raised a total of $17m until now.
- It will use all this funding to expand its portfolio of products and continue to support the B2B crypto sector.
The world is moving towards an increasingly digital era. The post-pandemic age will be defined by the use of modern technologies. Financial institutions worldwide are now moving from traditional finance to a more digital-asset-driven ecosystem. Blockchain-based businesses are witnessing a boost like never before.
One firm in the crypto sector which is scaling up exponentially is digital asset trading platform FalconX which has announced that it raised $17m to date. The firm is backed by a slew of investors such as Avon Ventures, Coinbase Ventures, and a plethora of traditional players as well including Lightspeed, Flybridge, Accel, Fenbushi, and Accomplice.
The firm will inject this funding to introduce new products in the crypto sphere, expand FalconX’s trade execution suite and continually support the scaling demand for cryptocurrency.
Indeed, the company has gone from strength to strength. With nearly $3bn in volume for Q1 2020, the firm saw more than $7 bn of value transacted in 10 months.
“We’re entering an era defined by the true digitization of value – whether Bitcoin, Ethereum or new experiments such as Libra, or Digital Yuan – much like what we saw in the early 2000s with the digitization of information on the internet. For open, permissionless and truly global digital assets to be adopted by mainstream institutions, today’s digital financial infrastructure is grossly inadequate,” said Raghu Yarlagadda, FalconX CEO and co-founder.
“FalconX is building the connective tissue, with seamless price discovery, trade execution, and value transfer. Our technology will provide the infrastructure for the future of digital assets.”
To understand what the firm does, in the words Yarlagadda:
“FalconX is a digital asset trading platform that provides clients fast, secure, and reliable execution, using data science to eliminate slippage and hidden fees.
Stressing on the importance of supporting institutional demand for global trade, Yarlagadda believes that “B2B cross border payments are 100X larger than C2C or B2C remittances, with $127 trillion in total volume and a TAM of $127 billion. We plan on using the same connective tissue to power this market – leveraging cryptocurrency as the transmission rail.”
Yarlagadda reiterated that only with firms like FalconX, the crypto market will witness the boost it requires. “The number of institutions seeking secure and reliable digital asset trading services continues to rise, but the market remains drastically underserved,” he said.