FalconX Raises $150M at $8B Valuation

GIC and B Capital led the Series D funding round for the digital asset broker.

AccessTimeIconJun 22, 2022 at 10:03 a.m. UTC
Updated Jun 24, 2022 at 5:31 p.m. UTC

Michael Bellusci is CoinDesk's crypto payments reporter.

Digital asset prime brokerage FalconX raised $150 million in a Series D financing round, giving the platform an $8 billion valuation, which is more double its valuation from its previous financing.

  • GIC and B Capital led the round. Additional investors included Thoma Bravo, Wellington Management, Adams Street Partners and Tiger Global Management. In August, FalconX raised $210 million in a Series C round, pegging the company at a $3.75 billion valuation.
  • FalconX says its platform has remained strong through the market storm and the first quarter was its best ever in terms of gaining new customers.
  • "Our valuation is a reflection of the long-term belief from our investors and conviction in the digital assets market," CEO Raghu Yarlagadda told CoinDesk. "We’re one of the few companies that has consistently been profitable, exhibited revenue, customer growth and navigated volatile market conditions with strong operating rigor and risk management."
  • Yarlagadda added that FalconX is market neutral and doesn't take directional risk. "The last few months have been extremely important to demonstrate why being market risk neutral is super important."
  • He said the company is financially strong and growing as the firm's credit offerings are overcollateralized, backed by high quality and highly liquid collateral, and its assets are deployed only within the FalconX platform.
  • Meanwhile, FalconX also said it continues to hire across the company despite multiple crypto firms slashing headcount amid the market downturn.
  • In April, FalconX formally registered as a U.S. swap dealer, becoming the first of its kind to enter what Yarlagadda contended to be a massive, underserved market.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Michael Bellusci is CoinDesk's crypto payments reporter.

CoinDesk - Unknown

Michael Bellusci is CoinDesk's crypto payments reporter.

Trending

1
CoinDesk - Unknown
Binance Resumes Local Currency Deposits with Brazilian Payment System Pix

Withdrawals should be resumed “shortly,” said the company, which had suspended that feature on June 17.

CoinDesk - Unknown
2
CoinDesk - Unknown
Celsius Repays $183M on DeFi Exchange Maker, Gets Back Collateral, Blockchain Data Shows

The troubled crypto lender paid down $183 million of its debt to the decentralized exchange Maker, blockchain data shows, possibly in a bid to recover bitcoin-linked collateral that otherwise would remain trapped.

CoinDesk - Unknown
3
CoinDesk - Unknown
First Mover Asia: Crypto Game Consoles Aren’t Needed as Web3 Gaming Has Workers, Not Gamers; Bitcoin Dips, Then Regains Its Perch Above $20K

Studios are raising significant amounts of capital, but they must build games that do a better job of engaging users; ether and most other major cryptos rise.

CoinDesk - Unknown
4
CoinDesk - Unknown
Why Argentina Is Paying a Premium for Stablecoins

Citizens flooded into DAI and tether after the country’s economic minister announced his resignation on Saturday.

CoinDesk - Unknown