FalconX raises $150 million at an $8 billion valuation

The institutionally oriented cryptocurrency platform FalconX raised $150 million in a Series D funding round. The round valued the company at $8 billion.

Excited to announce our $150M #SeriesD led by GIC and @BCapitalGroup. Institutional #crypto is alive and well, and alongside the world’s leading investors, we’re powering the next stages of #digitalasset transformation. https://t.co/s2fBOVwcdv pic.twitter.com/Lmm2AAzPXL

— FalconX (@falconxnetwork) June 22, 2022

The round was led by GIC and B Capital with participation from Thoma Bravo, Wellington Management, Adams Street Partners and Tiger Global Management.

“These investments are a confirmation of our client-focused approach, the health and strength of the crypto industry, and the movement toward the transformation of digital assets,” said FalconX founder and CEO Raghu Yarlagadda.

The company noted that, despite market volatility, the first quarter of 2022 was its most successful to date in attracting new clients. This was attributed to demand for brokerage services from a broad base of institutional investors, according to FalconX.

“We are at the early stages of the shift toward the digital transformation of assets, and cryptocurrencies are the first use case. Soon every asset will undergo tokenization and become truly global,” the press release said.

Earlier, several large cryptocurrency companies, including Coinbase, Crypto.com and BlockFi, said they were cutting staff in the current market conditions. FalconX stressed that it continues to hire staff across various departments.

Back in August 2021, FalconX closed a Series C for $210 million with a valuation of $3.75 billion.

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