Do not miss CoinDesk’s Consensus 2022, the must-attend crypto & blockchain pageant expertise of the 12 months in Austin, TX this June 9-12.
Digital asset prime brokerage FalconX raised $150 million in a Sequence D financing spherical, giving the platform an $8 billion valuation, and greater than doubling its valuation from its earlier financing.
-
GIC and B Capital led the spherical. Further buyers included Thoma Bravo, Wellington Administration, Adams Road, and Tiger World Administration. In August, FalconX raised $210 million in a Sequence C spherical, pegging the corporate at a $3.75 billion valuation.
-
FalconX says its platform has remained sturdy by means of the market storm, and buyer onboarding had its strongest quarter since inception throughout Q1, in response to the assertion Wednesday.
-
“Our valuation is a mirrored image of the long-term perception from our buyers and conviction within the digital belongings market,” CEO Raghu Yarlagadda informed CoinDesk. “We’re one of many few corporations that has constantly been worthwhile, exhibited income, buyer progress and navigated unstable market circumstances with sturdy working rigor and threat administration.”
-
Yarlagadda added that FalconX is market-risk impartial and would not take directional threat. “The previous few months have been extraordinarily vital to reveal why being market threat impartial is tremendous vital.”
-
He mentioned the corporate is financially sturdy and rising because the agency’s credit score choices are over-collateralized, backed by prime quality and extremely liquid collateral, and its belongings are deployed solely throughout the FalconX platform.
-
In the meantime, FalconX additionally mentioned it continues to rent throughout the corporate regardless of a number of crypto companies slashing headcount amid the market downturn.
-
In April, FalconX formally registered as a U.S. swap seller, changing into the primary of its type to enter what Yarlagadda contended to be an enormous, underserved market.
Learn extra: FalconX Checks Waters as First Full-Fledged Crypto Derivatives Vendor
