FalconX, a one-stop shop for institutional cryptocurrency market participants, has raised a $210 million Series C financing round led by Altimeter Capital. The new funding round valued the platform at $3.75 billion and saw Sapphire Ventures and existing investors B Capital Group, Tiger Global Management, and Amex Ventures upping their investments in the current round.
Founded in May 2018 by Prabhakar Reddy and Raghu Yarlagadda, FalconX offers trading, credit, and clearing across significant cryptocurrencies.
The company plans to use the fresh funds to expand its product lines, explore strategic acquisitions, and hire leadership roles with backgrounds in traditional financial markets, digital assets, and technology.
The San Francisco-based crypto firm has also seen net revenue grow 30x annually, driven by increased demand for crypto from institutional investors diversifying their crypto assets and seeking an inflationary hedge.
“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 five days a week five, why aren’t financial services 24/7? Truly global and more accessible?” Raghu said, adding that blockchain has proven that it is possible at scale.
FalconX’s investment today also coincides with another funding event in India. Mumbai-based crypto exchange CoinDCX has raised $90 million (Rs668 crore) in a Series C funding round from a host of international investors at a valuation of $1.1 billion, making it the latest tech unicorn venture in India. Facebook co-founder Eduardo Saverin and B Capital Group led the investment round in which Coinbase Ventures, Polychain Capital, Block.one, and Jump Capital also participated. The funding round makes CoinDCX, India’s first crypto Unicorn