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Institutional crypto platform FalconX achieves $3.75 billion valuation

Institutional crypto platform FalconX achieves $3.75 billion valuation

FalconX, a one-stop-shop for institutional cryptocurrency market participants, has closed a $210 million Series C financing round, valuing the company at $3.75 billion.

The round was led by Altimeter Capital, Sapphire Ventures and existing investors B Capital Group and Tiger Global Management, with participation from Mirae Asset. Amex Ventures also increased its existing investment as part of this round.

The investment follows FalconX’s $50 million Series B in March 2021 from Tiger Global and B Capital, and its investment from Amex Ventures in December 2020.

The company, which offers trading, credit, and clearing across major cryptocurrencies, has seen net revenue grow 30x year-over-year driven by increased demand for crypto from institutional investors diversifying their crypto assets and seeking an inflationary hedge.

Raghu Yarlagadda, CEO and co-founder of FalconX says the fresh capital will be used to expand its product lines, explore strategic acquisitions, and to hire key executives with backgrounds at the convergence of traditional financial markets, digital assets and technology.

“Serving the world’s leading investors, we are at the forefront of a megatrend which will fundamentally change financial services - if you wouldn’t accept Google or Amazon only working 5 days a week - why aren’t financial services 24/7, truly global, and more accessible?" he says. "Blockchain has proven that it is possible at scale, and FalconX is excited to lead that change.”

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