The round was led by Sapphire Ventures, B Capital Group, Altimeter Capital and Tiger Global Management and also included participation from Mirae Asset and Amex Ventures, who previously invested in FalconX in December 2020.
Founded in 2018, FalconX is a digital asset trading platform that claims it provides clients fast, secure and reliable execution using data science to eliminate slippage and hidden fees. The company offers trading, credit and clearing across major cryptocurrencies has said it has seen net revenue grow 30x year-over-year.
According to FalconX, the newly raised 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.
FalconX CEO and co-founder Raghu Yarlagadda said, “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? Blockchain has proven that it is possible at scale, and FalconX is excited to lead that change.”
Earlier this year, FalconX closed a funding round on $50m that was led by Tiger Global and B Capital Group. The company claimed at the time the funds would be used to increase its team and expand its business lines to support market growth.