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Institutional Crypto Startup FalconX Raises $50M in Round Led by Tiger, B Capital
FalconX is among the "white glove" crypto startups eager to cater to an institutional base.
Cryptocurrency trading startup FalconX on Thursday leveraged 12 months of staggering growth into a $50 million raise.
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- Now valued at $675 million, according to Bloomberg, FalconX trading volume increased 12 times over and its net revenue spiked 46 times in the past year, the company told CoinDesk.
- Institutional investors contributed mightily to the growth, FalconX said. In a statement, it attributed the spike to "traditional allocators" who seek out "white glove services." That's a market positioned for continued growth, according to the round's co-leader Tiger Global Management.
- B Capital Group co-led the round with participation from Accel, Accomplice VC, American Express Ventures. Coinbase Ventures, CMT Digital, Flybridge Capital Partners, Lightspeed Venture Partners and Fidelity affiliate Avon Ventures.
- "We believe FalconX is positioned to be an industry leader in the institutional cryptocurrency market with many years of sustainable and profitable growth ahead,” said Scott Shleifer, a partner at Tiger Global.
Danny Nelson
Danny was CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
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