The CEO of FalconX stated that the brokerage remains strong despite the market storm.
On June 22, the institutional digital asset brokerage FalconX cashed in $150 million in a Series D financing round, valuing the company at $8 billion. The funding will reportedly be used to power the next stages of digital asset transformation.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
Crypto Mining Explained: How to Earn From Mining Bitcoin? (Animated)
The investment round saw participation from Wellington Management, Tiger Global Management, Thoma Bravo, as well as Adams Street. As stated by Raghu Yarlagadda, founder and CEO of FalconX, the significant grant will allow the company to introduce new products, as well as provide more access for its institutional users to new markets.
Yarlagadda also added that the digital asset brokerage is one of the few that heavily emphasizes the importance of its users and does not “take on market risk.” On top of that, FalconX believes that clients should be able to make their own trading decisions without any involvement from the providers. The CEO added:
“This investment is a validation of our client-first focus, the health and strength of the crypto industry, and the move towards digital asset transformation.”
On top of that, Yarlagadda mentioned that the current bearish market didn’t touch the company as it displayed strong results all throughout Q1 2022. As stated in the report, FalconX has seen a significant boost in the number of users joining the platform. Likewise, the CEO continued and implied that the company is “financially strong and growing" due to its "market-risk neutral business model.”
According to the official announcement, back in August, FalconX collected $210M in a Series C funding round, which put the company at a $3.75B valuation. After the latest funding round, the firm is now considered the leading crypto prime brokerage worldwide as it managed to raise over $430M in total from various investors.
It seems as though a number of venture capital organizations are still pouring significant amounts of money into various crypto-driven initiatives despite the harsh market conditions. For instance, yesterday, the kingpin of the Solana NFT community dubbed Magic Eden collected $130M in a Series B funding round to expand its marketplaces and improve other services.
