FalconX raises $210 million at a $3.75 billion valuation

Institutional-focused cryptocurrency exchange FalconX raised $210 million in a Series C funding round. The company’s valuation reached $3.75 billion.

30X Revenue Growth. Coverage across all key assets. Purpose-built for institutions. Read our $210M Series C announcement here: https://t.co/izkzRJ7qd7 pic.twitter.com/NeDK5zvexz

— FalconX (@falconxnetwork) August 10, 2021

The round was led by Altimeter Capital, Sapphire Ventures, B Capital Group and Tiger Global Management, with Mirae Asset and Amex Ventures participating.

As institutional investors continue to enter the cryptocurrency market, FalconX has significantly expanded its business and product lines to meet their needs. We are pleased to double down on the leading universal hub for institutional trading, lending and clearing,” said Scott Shleifer, a partner at Tiger Global.

The funds will be used to launch new products, pursue strategic acquisitions and hire new staff, including senior executives.

In May 2020, the exchange raised $17 million from a group of investors, including Coinbase Ventures and Avon Ventures, the venture capital fund affiliated with FMR LLC, the parent company of Fidelity Investments.

In December, the platform invested the venture arm of the payments giant American Express.

In March 2021, FalconX received $50 million in investments from Tiger Global and B Capital Group.