FalconX, a U.S.-based digital asset trading platform, announced on Wednesday it raised $17 million through its latest financing round, which saw participation from Accel, Accomplice VC, Coinbase Ventures, Fenbushi Capital, Flybridge Capital Partners, Lightspeed Venture Partners, and Avon Ventures.
Founded in 2018, FalconX describes itself as a digital asset trading platform that provides clients fast, secure and reliable execution using data science to eliminate slippage and hidden fees.
“For open, permissionless, and truly global digital assets to be adopted by mainstream institutions at scale, today’s digital infrastructure is grossly inadequate. FalconX’s mission is to build this connective tissue. Our technology will provide the infrastructure for the future of digital assets and enable seamless price discovery, trade execution, and transfer of value.”
FalconX also revealed that in the past ten months, it has generated $7 billion in global trading volume at a quarterly growth rate of more than 600%. The platform further explained that its client base includes over 100 financial institutions across traditional finance including hedge funds, proprietary trading firms, payment gateways, over-the-counter trading desks, cryptocurrency miners, and exchanges. Raghu Yarlagadda, FalconX CEO and Co-Founder, went on to add:
“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.”
The funds will be used to continue the growth and development of the FalconX platform.