cryptoknowmics.com
A $150 million Series D, led by the Swiss investment company B Capital and the Singaporean sovereign wealth fund GIC, has been closed by the digital assets platform FalconX. While many cryptocurrency startups find it challenging to secure new funding, FalconX has more than quadrupled its valuation through this round, which was announced today in a statement, from $3.75 billion to $8 billion. Requests for clarification regarding the precise closing date of the investment round received no response from a FalconX spokesman. Institutional investors access cryptocurrency strategies through the FalconX platform through a single interface. Additionally, it provides a solution to help banks and fintech companies sell cryptocurrency products.
Falcon is Hiring
The agreement comes as FalconX prepares to hire 55 new staff, or a 30 percent headcount expansion, over the next few months. It plans to increase its offerings to institutions, including trade execution, credit, and prime brokerage, by investing in acquisitions, technology, and data analytics.
Yarlagadda said, "Over the next 12 to 18 months, we do expect a very volatile market. And, given that volatility, we see very strong opportunities for acquisitions."
Onboard Clients of FalconX
FalconX enjoyed the strongest client onboarding in its history in the first quarter of the year, contributing to its privileged position in the cryptocurrency industry. Despite the current market volatility, it claims there is still a significant demand for its services from a range of institutional clients. As a result of investors selling riskier assets amid rising interest rates and recession fears, cryptocurrency valuations have fallen precipitously in recent weeks. The most popular cryptocurrency in the world, bitcoin, fell below the crucial $20,000 mark over the weekend for the first time since December 2020. Without providing additional information, Yarlagadda claimed the platform is already profitable and has attracted a record number of users.